Ethereum price tops $2K as whales buy 123K ETH post-Pectra upgrade, signaling strong institutional trust.
Ethereum has experienced a substantial increase in price and whale activity, with the ETH price reclaiming the $2,000 mark due to significant accumulation by institutional investors. Major actors have been purchasing ETH aggressively, according to blockchain analytics platform Lookonchain. The price fluctuation occurred immediately after Ethereum implemented its “Pectra” upgrade.
Ethereum billionaires accumulate 123,000 coins
Substantial institutional investors have purchased Ethereum. The data from Lookonchain indicates that Abraxas Capital Management, or Heka Funds, has made numerous substantial ETH purchases in a brief period.
Abraxas Capital recently withdrew 49,644 ETH (approximately $92 million) from the major crypto exchanges Kraken and Binance. This follows the withdrawal of 33,035 ETH ($60 million) and 41,269 ETH ($75.46 million) from the same exchanges within 11 hours. This increases their total accumulation to approximately 123,000 ETH, which is valued at $227 million.
Transferring substantial quantities of cryptocurrency from exchanges to private wallets typically indicates that the intention is to retain the cryptocurrency for an extended period, rather than to sell it immediately. Institutional investors such as Abraxas Capital demonstrate their confidence in Ethereum’s future value by withdrawing these assets from exchanges.
Lookonchain has reported that an anonymous whale has established a new wallet and transferred $8.58 million USDC to Hyperliquid to establish a leveraged long position on the ETH price. This suggests that additional whale activity has been discovered. $1,930.41 was the price at which this whale entered, with a 2x leverage. This resulted in an unrealized profit of $354,000 as the price of ETH increased.
After Pectra, the price of ETH regained $2,000
Ethereum has successfully surmounted the psychological $2,000 barrier. According to the most recent data, the price of ETH has increased by 12.8% in the past day, 10.4% in the past week, and 33.7% in the past month.
Within the previous 24 hours, the price of ETH plummeted to $1,792.06 and ultimately reached $2,071.72. The price increase aligns with the overall resilience of the cryptocurrency market, as Bitcoin has now surpassed the $100,000 threshold and is currently trading at $101,124.
The ETH price increased following Wednesday’s eagerly anticipated “Pectra” upgrade. It is the most significant blockchain overhaul since the Merge in 2022. A variety of substantial enhancements are included in the technical upgrade. This encompasses enhanced wallet performance, more efficient staking processes, and network efficiency enhancements.
One of the most critical aspects of the Pectra upgrade is doubling the maximum ETH staking value from 32 ETH to 2,048 ETH. The rationale for this action is to improve the efficacy of staking. CoinGape’s analysis also indicated that the price of Ethereum could surpass $1,950.
