Recently, a significant transaction involving Ethereum (ETH) was reported by Onchaindata. A whale withdrew 1,600 ETH (worth approximately $6.2 million) from Bybit and Cooper accounts. This notable move was complemented by a second transaction involving $740,000 worth of ETH. These large movements have caught the attention of the crypto community, raising questions about the potential impact on the market and the motivations behind such large movements.
ETH whale buying drives price movement
The past few hours have seen notable activity from Fasanara Capital, a UK-based investment fund. The fund executed a large transaction, transferring 1,600 ETH, worth $6.2 million, from Bybit and Cooper. After this transaction, Fasanara Capital has 5,383 ETH (worth about $20.16 million) in its wallet. Another significant activity was from address 0x9d2…C43B1, associated with the Ethereum Foundation, which transferred 200 ETH (worth $740,000) to Kraken.
The address was reactivated for the first time since April 28 after initially receiving 2,000 ETH from the Ethereum Foundation in 2015 and remaining dormant for six years. It currently holds 1,029 ETH. These transactions have spurred speculation among ETH holders about the potential influence of whales on the recent price surge. The broader crypto bull market and buzz surrounding the approval of an Ethereum ETF also contributed to the rally, pushing ETH above $3,700.
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ETH price rises by more than 2%
The price of Ethereum (ETH) has risen significantly, reaching $3,754.99 today, which represents a 1.56% price increase over the past 24 hours and a significant 19.50% increase over the past 7 days. Ethereum has a 24-hour trading volume of $13.9 billion, a circulating supply of 120 million ETH, and a market cap of $451 billion.
Additionally, Ethereum (ETH) open interest has increased by 2.95% over the past 24 hours, bringing its valuation to $12.1 billion. The Relative Strength Index (RSI) is indicating bullish pressure, crossing the 50 level to 51.48 at the time of writing. These indicators suggest that Ethereum will continue its upward trend in the short term.
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