![Ethereum Whales Spark Optimism with Massive Buying Spree Amid Price Dip](https://coincult.com/wp-content/uploads/2024/05/images-2024-05-11T025632.841-2.jpg)
This week’s Ethereum (ETH) market saw a significant occurrence, with large investors, or “whales,” embarked on a substantial buying spree despite the price experiencing a downturn. This counter-intuitive move has sparked as an optimistic indicator for ETH’s future prospects, signalling potential bullish sentiment from these significant players.
Two significant wallets exhibited notable Ethereum accumulation. Firstly, a wallet presumed to belong to Matrixport, a blockchain firm established by former Bitmain CEO Jihan Wu, moved an impressive 22,251 ETH (valued at over $80 million) in recent hours.
Whales are accumulating $ETH!
0xACc7(probably #Matrixport) withdrew 22,251 $ETH($80.06M) from exchanges in the past 1 hour and has withdrawn 33,925 $ETH($122.06M) from exchanges in the past 3 days.https://t.co/R43ImnYb5H
Whale"0x4359" withdrew 3,092 $ETH($11.12M) from #Binance… pic.twitter.com/g3inogSVel
— Lookonchain (@lookonchain) April 11, 2024
This substantial acquisition comprised both substantial single transactions and smaller incremental purchases of 33,925 ETH (worth $122.06 million) spanning three consecutive days. Secondly, another prominent address executed substantial Ethereum acquisitions, signalling heightened interest from major industry participants.
Another whale, identified as “0x4359,” showed a remarkable appetite for Ethereum (ETH), withdrawing a sizable 3,092 Ethereum (equal to $11.12 million) from the Binance exchange within the specified timeframe. Remarkably, this accumulation occurred during a period when Ethereum’s price experienced a decline, dropping from $3,609 to $3,543.
While substantial investors increased their holdings, an influential trader capitalized on the market’s decline to divest a portion of their Ethereum. As reported by @spotonchain, this entity transferred 9,000 ETH, valued at $32 million, to Binance for sale at $3,560 per coin – their most substantial single transaction to date.
Massive $ETH whale 0x347 deposited 9,000 $ETH ($32M) to #Binance at $3,560 for profits ~ 30 mins ago.
Notably, this is the whale’s largest $ETH deposit to date.
Currently, the whale still holds 29,738 $ETH (~$106M) with an estimated total profit of $68.5M (+65%)!
Follow… pic.twitter.com/SdTaPdtLdM
— Spot On Chain (@spotonchain) April 11, 2024
This transaction represented the largest single ETH sale by this wallet to date. However, it’s noteworthy that this wallet still holds a substantial ETH reserve, currently estimated at $106 million, indicating a long-term bullish outlook despite the short-term sale.
Ethereum Whales’ Buying Spree Sparks Market Optimism
A surge in Ethereum accumulation by major investors has sparked optimism within the Ethereum ecosystem. Historically, such concentrated buying activity precedes notable price surges. This may signal these investors’ anticipation of Ethereum’s value appreciation, potentially driven by upcoming advancements like the Ethereum Merge, poised to substantially enhance scalability.
According to TradingView, ETH is currently trading at the price of $3510 with a market capitalization of $421,933,504,612. The coin is 1% down in the last 24 hours and 6% up in the last seven days.
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