Ethereum whales, individuals or entities holding a significant amount of the digital asset, are making substantial purchases in anticipation of a potential price surge. On-chain data from the past week reveals several wallets capitalizing on price volatility to buy Ethereum.
A notable Ethereum whale, known as ‘0x9314’, spent $48 million to buy 21,192 ETH at an average price of $2,265 per coin on January 5. This whale has been on a buying spree since last January, acquiring nearly 80,000ETH, primarily from decentralized exchanges (DEXs) and Binance, at an average price of $1,790. The purchases were financed with loans from DeFi protocols Aave and Liquidity, indicating bullish speculation on ETH’s future price surge. The whale’s investment has already yielded a 26% profit, amounting to over $36.84 million.
LookOnChain identified two more whales that acquired a significant amount of Bitcoin and Ethereum following their recent price drawdown. These entities cumulatively bought more than 1,300 ETH at $2,225. Blockchain analytical firm Santiment confirmed that Ethereum’s largest self-custody wallets were accumulating the top cryptocurrency at a rapid pace. The top 150 of these wallets now hold more than 56 million ETH, an all-time high. The firm noted that the largest ETH non-exchange whales are accumulating rapidly, while exchange whales remain low.
The increase in whale activity has sparked speculation about Ethereum’s potential price surge in the near future. Technical analyst CryptoBusy stated that Ethereum is still underrated despite the focus on the Bitcoin Spot ETF, and that ETH will have its Spot ETF soon. Ethereum has maintained stability above the $2,150 mark since the beginning of the year, trading around $2,240 with a marginal 0.39% decrease in the last 24 hours. However, the asset is also down by 2.5% over the past seven days.
In 2021, Ethereum exhibited a comparatively lower price performance than other assets like Solana, recording a modest 90% gain compared to triple-digit upticks observed in BTC and SOL. As a result, ETH is more than 50% down from its 2021 all-time high of $4,864. Despite this subdued performance, market analysts have maintained positive forecasts for ETH price. Asset manager VanEck predicts Ethereum’s price could be more than $50,000 by 2030.
Readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. This news article aims to provide accurate, timely information in adherence to the Trust Project guidelines, committed to unbiased, transparent reporting.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Aave, VanEck, Trust Project, Liquidity, Spot On Chain, Santiment, BeInCrypto, LookOnChain, Binance |
| Currencies | Bitcoin, Ethereum, Solana |
| Securities | None |
