Reflecting increased investor interest and market optimism, the price of Ethereum ($ETH) has surged 6% in the past 24 hours, a significant rally.
Following the approval of the Spot Bitcoin and Ethereum ETF application in Hong Kong, an analysis of Spotnchain by an AI bot has revealed that eight whales that previously profited from ETH have returned.
Shortly after Hong Kong approved the spot #bitcoin and #Ethereum In the ETF application, our AI bot detected eight previously profitable whales. $ETH go back to buy $ETH On-chain.
Together they spent a total of $31.88 million. $USDT and $USDC Purchase 9,787 $ETH At an average price… pic.twitter.com/u8dHuwxNBr
— Spotonchain (@spotonchain) April 15, 2024
These whales collectively invested $31.88 million in USDT and USDC in the past few hours, acquiring 9,787 ETH at an average price of around $3,257. This indicates bullish sentiment among large investors.
Adding to the conspiracy, a wallet associated with Matrixport withdrew 16,300 ETH ($51.1 million) from Binance.
Wallet related #matrixport Withdrawed 16,300 $ETH(from $51.1 million) #Binance Again 20 minutes ago.
I withdraw from this wallet frequently $ETH A total of $67,286 has been withdrawn from the exchange since March 29th. $ETH($228.33 million), average price $3,393.5. https://t.co/R43ImnYb5H pic.twitter.com/qmmzAxHzCV
— Lookonchain (@lookonchain) April 15, 2024
Notably, this wallet has been consistently withdrawing ETH from exchanges since March 29th, with total withdrawals reaching 67,286 ETH ($228.33 million) at an average price of $3,393.5, making it a strategic accumulation strategy. Suggests.
Ethereum whales responsible for plummeting, accumulating large amounts of ETH tokens
In another development, another whale is reported to have taken advantage of the market downturn by accumulating 1,000 ETH ($3.15 million) at a suitable level from Binance.
This whale saved up 1,000 $ETH(from $3.15 million) #Binance Last place again, total 8,300 $ETH($25.12 million) after market decline. https://t.co/ZXrwpz1g6D pic.twitter.com/bONUrSKbyl
— Lookonchain (@lookonchain) April 15, 2024
This accumulation brings their total ETH holdings to 8,300 ($25.12 million), demonstrating an active approach to capitalizing on market fluctuations.
The influx of whales returning to the ETH market, combined with the bullish momentum following the ETF approval, has injected new optimism into the Ethereum ecosystem. As the market continues to evolve, observers will be closely monitoring large-scale investor activity and regulatory developments to gauge the trajectory of Ethereum and the broader crypto market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow me on Twitter @themerklehash Stay up to date with the latest crypto, NFT, AI, cybersecurity, and metaverse news.
Image source: nexusplexus/123RF // By image effect color cinch
