On-chain data shows that Ethereum whales are making substantial purchases in anticipation of a potential price surge.
A crypto whale is an individual or entity that holds a significant amount of a particular digital asset. During the past week, on-chain analysts identified several wallets in that capitalized on the price volatility to buy Ethereum.
Ethereum Whales Accumulate
On January 5, Spot On Chain noted that a prominent whale ‘0x9314’ spent $48 million to buy 21,192 ETH at an average price of $2,265 per coin. The whale, which began its buying spree last January, has acquired nearly 80,000ETH, majorly from decentralized exchanges (DEXs) and Binance, at an average price of $1,790.
These purchases were financed with loans from DeFi protocols Aave and Liquidity, suggesting bullish speculation on ETH’s future price surge. Meanwhile, the whale’s investment has accrued a notable 26% profit, amounting to more than $36.84 million.
Read more: How Vitalik Buterin’s Roadmap Update May Push Ethereum to New All-Time High
LookOnChain also identified two whales that acquired a significant amount of Bitcoin and Ethereum following their recent price drawdown. Per the analyst, these entities cumulatively bought more than 1,300 ETH at $2,225.
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Author: Oluwapelumi Adejumo
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