Ethereum whales move 150K ETH worth $380M as record accumulation aligns with a 50% monthly price surge.
Based on recent on-chain data and transaction alerts, Ethereum is experiencing a significant increase in accumulation by whale investors. In the past 24 hours, significant transfers have been observed between private wallets and exchanges.
Ethereum billionaires transfer 150,000 coins
Recent Ethereum news has observed significant whale activity, as evidenced by the transfer of approximately 150,000 ETH across various wallets and exchanges through a series of enormous transactions. According to Whale Alert, a prominent blockchain monitoring firm, one of the largest transfers was 76,800 ETH for $195,308,712 from Binance to Binance Beacon Deposit. It may be intended for stake.
The second significant transaction involved the transfer of 40,930 coins, valued at $104,655,422, from an undisclosed wallet to the custodial service Ceffu. An undisclosed wallet received 32,496 ETH valued at $82,956,333 from Binance.
The three transfers collectively amount to over 150,000 ETH, equivalent to over $380 million. These transactions occurred mere days after CoinGape disclosed substantial whale activity, which resulted in the accumulation of 123,000 ETH coins by ETH investors.
As the price increases, whale accumulation reaches new heights
The strategic positioning of large holders is suggested by the movement of such large quantities of coins and other Ethereum news related to whale activity. Whales are accumulating $ETH like never before, according to analyst Gordon, who recently observed this trend in a tweet.
Accumulation addresses have achieved historic inflow levels, as indicated by CryptoQuant data. The chart above displays a visually striking vertical spike in accumulation that transcends all previous inflow events in ETH’s history since its inception in 2017.
The altcoin’s extraordinary price action across all time frames is commensurate with the increasing accumulation. ETH has experienced a 38.6% increase in the past week and a staggering 50.6% increase in the past month.
The weekly price range indicates that ETH has fluctuated between $1,763.97 and $2,582.98. A recent market analysis suggested that the Ethereum price could reach $3,000 as more than 66 million ETH become profitable.
The CryptoQuant chart illustrates the historical correlation between the price of the altcoin (gray line) and the inflows to accumulation addresses (purple bars). The most recent accumulation surge is noteworthy for its magnitude, despite previous spikes generally leading to price increases.
During declining markets, smart money accumulates, while during bull markets, it sells. However, the evidence presented here suggests that whales are still banking on a further price surge, despite ETH having already achieved gains.