Ethereum (ETH) Sees Huge Whale-Driven Accumulation as Confidence Soars

Ethereum (ETH) has seen a significant uptick in its price, driven by large-scale accumulations by cryptocurrency whales. According to recent insights shared by Lookonchain, a notable blockchain analytics platform, Ethereum’s price has surged by 24% since the beginning of February.

This increase is notably attributed to a whale who has aggressively purchased approximately 69.5K ETH, worth around $179 million, from leading exchanges such as Binance, Bybit, Bitfinex, and OKX in the same timeframe. This move underscores a growing confidence in Ethereum over other cryptocurrencies, signaling a potential shift in market dynamics.

The price of $ETH has increased by ~24% since Feb 1.

And a whale has accumulated a total of 69.5K $ETH($179M) from #Binance, #Bybit, #Bitfinex and #OKEx since Feb 1.https://t.co/S1d5NkuWhf pic.twitter.com/fXm06DzLUR

— Lookonchain (@lookonchain) February 15, 2024

Further emphasizing the bullish sentiment among major investors, Lookonchain disclosed another intriguing transaction by the same whale. This investor, previously bullish on Wrapped Bitcoin (WBTC), made a substantial pivot by exchanging 425 WBTC, valued at $21.9 million, for 7,918 ETH at an exchange rate of 0.05373 just four hours ago.

The whale who is long $WBTC exchanged 425 $WBTC($21.9M) for 7,918 $ETH at a rate of 0.05373 4 hours ago.

The whale appears to be more bullish on $ETH.https://t.co/LN0m0vX2cc pic.twitter.com/0LqebKQ2jy

— Lookonchain (@lookonchain) February 15, 2024

Ethereum Price Goes Bullish

As of the latest updates, Ethereum’s price stands at $2,796, marking a 1.81% increase in the last 24 hours and an impressive 10.42% rise over the past month. The trading volume for ETH has also seen a notable increase, up 16.64%, with the current figures reaching $22.41 billion.

This surge in trading activity and price is a positive sign for

enthusiasts and investors, indicating robust market health and investor interest. Moreover, data from Coinglass, a cryptocurrency analytics firm, shows that the Open Interest in Ethereum has climbed by 2.93% to a staggering $9.98 billion.

This increase is not just a number; it represents growing investor engagement and speculation on the future price movements of ETH. The distribution of this Open Interest across major exchanges is also noteworthy, with Binance leading at $2.46 billion, followed by Bybit at $1.52 billion, and OKX at $834.72 million, among others.

This whale-driven accumulation and the subsequent rise in Ethereum’s price and trading volume have sparked a wave of optimism across the crypto community. Analysts and investors alike are keenly watching these developments, as they could herald a new era of growth and stability for Ethereum and the broader cryptocurrency market.

With the landscape of digital assets continually evolving, such movements underscore the dynamic and unpredictable nature of the crypto world. As the Ethereum price continues to gain momentum and ETH ranks among one of the best crypto to buy now, the market waits with bated breath to see how these trends will unfold in the coming weeks and months.

Source