Investors are keeping a close eye on Ethereum‘s price once again, as they watch for signs of large-scale transactions by major investors, or “whales.” Although there was a brief drop in price, the increased trading activity from these whales has sparked renewed hope that Ethereum may bounce back and see a price increase soon.
In other news, Ethereum is drawing attention with its promising advancements and growing institutional support. Traders and fans are closely watching its progression.
Ethereum Price Dips Despite Whale Accumulation
The cost of Ethereum has dropped by more than 1% today, marking another day in its ongoing price decrease. Yet, Ethereum has experienced substantial growth this year due to the surge in the overall cryptocurrency market. However, recent developments such as the SEC’s investigation into Ethereum’s security classification and potential delays in Ethereum ETF approval have negatively affected investor confidence.
In contrast, new data from Ethereum blockchain reveals that some prominent crypto figures have been buying large amounts of Ethereum lately. According to a recent report, it appears that Tron’s founder, Justin Sun, may have made a move into the Ethereum market recently.
In the meantime, based on information from Lookonchain, Sun and other major investors have accumulated approximately $500 million in ETH through recent transactions. Notably, they have taken out large amounts from exchanges and transferred funds to various other platforms. This action suggests that these investors hold a positive view of Ethereum’s future prospects.
Based on Lookonchain’s report, it is suggested that Justin Sun may have withdrawn 4,666 ETH, equivalent to around $14.91 million, from Binance. Notably, other wallets also carried out substantial withdrawals. Moreover, the wallet identified as 0x4446 transferred 11,892 ETH, approximately $37.77 million, into Compound and borrowed USDT following this withdrawal.
In contrast, the wallet with the address 0x1958 took out 5,181 ETH worth approximately $16.28 million from Binance and deposited it into Bedrock and Pendle. At the same time, a new wallet has amassed around $23.06 million in Ethereum from Binance as of April 22.
In a significant way, these actions express deep conviction in Ethereum’s upcoming direction, implying the possibility of price growth.
Price & Performance Amid Soaring Transactions
The increase in whale activity brings new hope to the Ethereum market, offsetting worries about regulatory issues and Ethereum ETF delays. Notable actions by industry leaders such as Justin Sun suggest a positive outlook for Ethereum’s future direction.
Investors see these actions as a sign that they have faith in Ethereum’s ability to bounce back during market upheaval, leading to excitement about a possible price surge for Ethereum.
At present, I’m penning this, and Ethereum’s price had dropped by 1.39%, landing at $3,176.14. Simultaneously, its trading volume remained relatively stable at $10.57 billion during the last 24 hours. Although it has experienced a decline recently, it managed to gain almost 3% in the past week. However, it’s important to mention that Ethereum has suffered a loss of approximately 6% over the past month.
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2024-04-23 10:31