Ethereum

2024

Million

Spot

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
An Ethereum (ETH) whale has&nbsp;<a href="https://x.com/spotonchain/status/1760115775078375746?s=20" rel="noopener noreferrer nofollow">reportedly made</a> a colossal investment, acquiring $166 million worth of ETH within just three days. According to a recent update from Spot On Chain, the anonymous investor has been actively purchasing large amounts of ETH, leveraging major platforms such as Binance and 1inch for their transactions.
The details shared by Spot On Chain highlight that the whale's&nbsp;<a href="https://u.today/mike-novogratzs-galaxy-digital-buys-76-million-in-ethereum-from-major-exchanges" rel="noopener noreferrer nofollow">latest acquisition</a> involved a hefty sum of 10.01 million USDT to purchase 3,413 ETH at an approximate rate of $2,933 per ETH around nine hours ago. This recent purchase is part of a larger buying spree, where the investor has cumulatively bought 58,134 ETH at an average price of around $2,850 per ETH in the past three days.
<blockquote>
 This giant whale spent another 10.01M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> to buy 3,413 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> at $2,933 ~9hrs ago.Overall, the whale has allegedly bought 58,134 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> via <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> and <a href="https://twitter.com/hashtag/1icnh?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#1icnh</a> at ~$2,850 ($166M) in the past 3 days.The whale still has 19.89M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> and may swap them for more <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>!What will the… <a href="https://t.co/t2BYgtewmw" rel="noopener noreferrer nofollow">https://t.co/t2BYgtewmw</a> <a href="https://t.co/BzUAI5ja4e" rel="noopener noreferrer nofollow">pic.twitter.com/BzUAI5ja4e</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1760115775078375746?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
</blockquote>
As the cryptocurrency community buzzes with speculation and intrigue, the whale's remaining balance of 19.89 million USDT suggests that this might not be the end of their market activities. There is a high possibility that they may continue to swap this remaining balance for more Ethereum, further influencing the market dynamics.
<h2 dir="ltr" id="ethereum-price-eyes-further-gains">Ethereum price eyes further gains</h2>
The impact of such substantial transactions is not to be underestimated. The current market price of Ethereum&nbsp;<a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">stands</a> at $2,919, showing a modest increase of 0.14% over the last 24 hours. More notably, ETH has seen a significant surge of 17.94% in the last 30 days, reflecting renewed interest and optimism in the cryptocurrency. Moreover, the Ethereum market is witnessing an overall uptick in activity.
The 24-hour trading volume for ETH has seen a substantial rise of 45.18%, now standing at $21.21 billion. This heightened activity suggests a robust and engaging market environment for Ethereum. Further insights from CoinGlass&nbsp;<a href="https://www.coinglass.com/currencies/ETH" rel="noopener noreferrer nofollow">reveal</a> an increase in the Open Interest in Ethereum by 1.02% over the last day, totaling $10.58 billion.
A significant portion of this interest is concentrated on major exchanges, with Binance leading at $2.63 billion, followed by Bybit at $1.65 billion and OKX at $864.89 million, among others. Overall, the actions of this Ethereum&nbsp;<a href="https://u.today/ethereum-whale-buys-1557-million-in-eth-as-price-nears-3000" rel="noopener noreferrer nofollow">whale</a> and the resulting market dynamics serve as a vivid reminder of the significant impact that large-scale transactions can have on the market.

Ethereum Whale Buys $166 Million Worth of ETH in Just Three Days

Table of Contents

U_Today

Other articles published on Feb 21, 2024

Will Algotech (ALGT) Do Better Than Vechain and Ethereum in 2024?

CoinMarketCap Announces First-Ever CMC Crypto Awards

Bitcoin Price Rises as DCG Challenges Genesis Settlement

Japanese Blockchain Gamers Lobby for Regulatory Reform to Boost Market Fluidity

Regulatory clarity spurs traditional brokerages’ interest in Hong Kong

Crypto Market Swings as Federal Reserve Minutes Go Public

Join our free newsletter for daily crypto updates!