The price of Ethereum ($ETH) has surged by approximately 7% in the past three hours, reaching beyond the $3,600 mark. Remarkably, the price growth is accompanied by substantial whale action on the blockchain. Over this timeframe, the systems spotted two significant whale transactions across addresses 0x666 and 0x435.
Ethereum Whales Withdraw $40M from Binance
In total, the two whales removed 11,657 $ETH, equal to about $40.28 million, from Binance at an average price of around $3,455. In general, such substantial withdrawals from exchanges signal that whales are buying *ETH* directly on-chain, as shown by data from SpotOnChain.
Furthermore, over the last 14 hours, there have been two whales that have gotten $ETH using USDT, further pushing the price over $3,400. One group contains eight wallets, probably the same individual, that paid $20.86 million in USDT for 6,145 $ETH at an average price of around $3,395 over the last 9 hours. Additionally, whale address 0x5e9 invested $14.25 million in DAI to buy 4,178 $ETH with an average of around $3,410 over the past 14 hours.
Ethereum Whales Display Bullish Spirit, Profiting $7.48M from ETH and WBTC Trades
It is crucial to note that address 0x5e9 had previously realized a total profit of $7.48 million from a trade for $ETH and one for WBTC. This signifies a spirit of bullishness amongst large investors.
These transactions are not only a hint that the large stakeholders involved are bullish in the long run, they are also at the heart of an overall bullish market sentiment. These large acquisitions of $ETH with $USDT indicate the flight to DeFi and the wider Ethereum construct.
Ultimately, the price rise and the sizeable whales signify hope for Ethereum. Large stakeholders’ continuance acquisition of $ETH further cements the idea that the blockchain and decentralized finance example are entering a new era.
