As we witness a significant surge in the price of Ethereum, many are left wondering, what’s causing this uptick? The answer might be found in the recent activities of new Ethereum whales. These high-stake investors have been amassing a remarkable amount of ethereum as price soars.
The Emergence of New Ethereum Whales
Based on the data shared by blockchain analyst @OnchainDataNerd, four new Ethereum whales have emerged, purchasing substantial amounts of ETH from the leading US-based exchange, Coinbase. These whales have purchased a total of 47,760 ETH within the last 24 hours, which was valued at a staggering $82.97 million at the time of purchase.
Another new whale entered the scene, acquiring 8,310 ETH from Coinbase, worth approximately $15.09 million. These purchases signal a bullish trend for Ethereum, contributing to the rise in its price.
Massive Ethereum Withdrawals
In addition to the purchasing activity, there has also been a significant withdrawal of ETH from exchanges. The Whale Alert crypto tracker reported a massive withdrawal of 30,709 ETH from the Binance exchange to an unknown wallet. This move further tightened the market supply, adding to the upward price pressure.
Ethereum’s Price Trend
Over the past 24 hours, Ethereum has experienced a substantial increase of 7.5%, with its price rising from the $1,717 range to the $1,846 level. Despite a slight decline of 1.13%, Ethereum remains strong at $1,828 per coin on the Bitstamp exchange.
The rest of the crypto market has also been performing well, following the lead of Bitcoin. The price rise is largely attributed to the growing excitement about the potential approval of the Bitcoin spot ETF by the SEC regulator this year.
For those interested in staying up-to-date with these market trends, consider using cryptoview.io. This platform provides real-time data and insights into the cryptocurrency market, helping you make informed investment decisions.
