From Investing.com:

The crypto ecosystem is seeing a surge in accumulation of Ethereum (ETH) by whales, with significant transactions being made by multiple large investors. Large transactions involving ETH worth at least $100,000 have jumped by 65.99% in the past 24 hours, totaling $8.2 billion. This trend is reflected in the significant 11.42% jump in the price of Ethereum, which currently stands at $2,645.07.

Whales within the crypto ecosystem have been actively accumulating Ethereum (ETH), with significant transactions being carried out by multiple large investors. Data from the crypto analytics platform Lookonchain indicates that whales are making substantial purchases of ETH, with one whale withdrawing 5,762 ETH worth approximately $15.06 million from Binance. Overall, this particular whale has bought a total of 50,733 ETH, amounting to $99.2 million, at an average price of $1,955 since September 19, 2023.

Another whale, “0x9314,” spent 7.29 million USDT to purchase 2,800 ETH, joining the accumulation trend of the second-largest cryptocurrency. This whale has a robust portfolio, with a total of 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since January 1, 2023. The significant switch to Ethereum by these whales is a notable factor contributing to the change in the game as Ethereum strives to recoup its lost ground.

The recent surge in Ethereum’s price, jumping by 11.42% to $2,645.07 in the past 24 hours, is driven in part by the hype surrounding the market after the approval of a spot ETF by the United States Securities and Exchange Commission (SEC). The approval is boosting sentiment for the potential approval of a spot Ethereum ETF, driving retail sentiment and causing Ethereum to eye the $2,700 benchmark.



Read more: Ethereum (ETH) Jumps 11.4%, Here’s How Whales Are Changing Game By U.Today