You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Ethereum Whale Moves 54,721 ETH Worth $161 Million in 32 Hours—Is a Major Market Shift Underway?

Crypto analysts were set on high alert by a substantial transaction signaling the rapid accumulation of Ethereum (ETH) by a whale on Monday. Within a span of 32 hours, this singular entity procured and transferred 54,721 ETH, amounting to roughly $161 million. Such significant movement hints at readiness for a potential uptick in Ethereum’s market momentum.

The initial detection of these whale activities was reported by blockchain tracking company Lookonchain. Their analysis indicates that the funds originated from prominent cryptocurrency exchange Binance as well as various decentralized exchanges (DEXes).

Is Justin Sun the Ethereum Whale?

Lookonchain has put forward a hypothesis linking the Ethereum whale activity to Justin Sun, the founder of Tron and an advisor to the crypto exchange HTX. The firm pointed out significant withdrawals from HTX occurring concurrently with the whale’s transactions, highlighting Sun’s capacity to facilitate such substantial acquisitions.

“Thirty minutes ago, a wallet identified as ‘TWGHNc,’ suspected to be JustinSun, deposited 50 million USDT into Binance,” reported Lookonchain. “This same wallet withdrew 500 million USDT from HTX yesterday.”

Additionally, the firm highlighted a series of fund transfers between HTX and Binance that align with the timeline of the ETH purchases. However, it’s important to note that any potential connection to Sun is presently speculative, based solely on this transactional data.

Ethereum Price on the Rise: Could It Reach $3,500?

After the significant purchase by the Ethereum whale, the price of ETH has maintained an upward trajectory. Throughout the past week, Ethereum has steadily risen, even surpassing the $2,900 mark on Monday.

Market analysts attribute this rally to various factors, including institutional investment in Bitcoin ETFs, which often correlates positively with Ethereum’s price movement. Additionally, a surge in trading volume indicates renewed investor enthusiasm for ETH.

The increasing trading volume has the potential to drive Ethereum prices even higher in the coming week. Typically, heightened volume enhances investor confidence and market liquidity, facilitating easy entry and exit from positions with minimal impact on prices. Another notable trend is the significant decrease in ETH held on exchanges. Investors seem to be transferring their ETH to long-term storage or staking contracts, thereby reducing the circulating supply and potentially increasing its value.

Considering these significant developments, a bullish market sentiment prevails, prompting speculation about whether Ethereum’s upward trajectory could propel it towards the $3,500 mark in the near future.

Large-scale purchases by prominent market participants sometimes foreshadow significant shifts in crypto prices and investor sentiment. It remains uncertain whether this recent whale activity will stimulate broader investor interest or lead to a surge in ETH prices. Nevertheless, these transactions have garnered increased attention in the cryptocurrency market, with many investors eagerly anticipating Ethereum’s price trajectory and the next move of its whale.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024