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

An Ethereum (ETH) whale has reportedly made 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 latest acquisition 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.

This giant whale spent another 10.01M $USDT to buy 3,413 $ETH at $2,933 ~9hrs ago.

Overall, the whale has allegedly bought 58,134 $ETH via #Binance and #1icnh at ~$2,850 ($166M) in the past 3 days.

The whale still has 19.89M $USDT and may swap them for more $ETH!

What will the… https://t.co/t2BYgtewmw pic.twitter.com/BzUAI5ja4e

— Spot On Chain (@spotonchain) February 21, 2024

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.

Ethereum price eyes further gains

The impact of such substantial transactions is not to be underestimated. The current market price of Ethereum stands 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 reveal 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 whale and the resulting market dynamics serve as a vivid reminder of the significant impact that large-scale transactions can have on the market.

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