ethereum (eth) price showed outperformance compared to bitcoin (btc) in the previous week, mainly due to the registration of the Blackrock Spot ETF, which instilled optimism that eth will surpass its previous peak in 2023 and ethereum-price-reach-2500-as-whales-add-210m-to-overheated-market-1388208″ target=”_blank” rel=”nofollow”>exceed $2,500.
In a groundbreaking turn since ethereum‘s (eth) upgrade in Shanghai earlier this year, Ether’s value has triumphantly surpassed the $2,000 milestone, boosted by bitcoin‘s (btc) recent surge towards the $38,000 mark. Dollars.
ethereum surpasses $2K
At the time of writing, eth was trading at $2,054, up 7% over the past seven days, data from CoinMarketCap shows.
Source: ethereum/" target="_blank" rel="nofollow">CoinMarketCap
Despite lingering uncertainty, cryptocurrency fans exude optimism and envision upcoming gains while certain investors, driven by impatience, eagerly await developing market dynamics.
Cryptocurrency on-chain data analytics firm Lookonchain reveals spectacle of whale activity amid rising ethereum prices. The report highlights notable transactions, in which one whale made a staggering profit of $154 million, while another faces a substantial loss of $183 million.
Did SmartMoneys and Whales buy or sell? $eth During last week?
1/
Here is a thread. pic.twitter.com/8yvCO0UI9H
— Lookonchain (@lookonchain) November 14, 2023
Within the thread, Lookonchain widened its lens on the whale using the address “0xee47”, showing a notable increase in its ethereum holdings by 3,200 eth, equivalent to an impressive $6.7 million. The accumulation represents a significant advance after the whale debuted eth purchases on July 5, 2022.
Currently, its portfolio consists of a significant amount of 183,740 eth, which is estimated to be worth almost $388 million. This indicates an unrealized gain of approximately $155 million.
ETHUSD trading at $2,010 today. Chart: TradingView.com
eth price surges on spot ETF introduction
Last week, the price of ethereum saw a significant increase, surpassing the $2,000 mark. This increase was attributed to confirmation by BlackRock, a prominent investment management firm, of its intentions to introduce an ethereum spot exchange-traded fund (ETF).
This confirmation was made through a filing with the NASDAQ. According to on-chain data, a group of financially astute institutional investors made significant purchases of Ether over the weekend, worth millions of dollars. This activity is likely a response to positive news that has generated optimism in the market.
The latest on-chain data supported the positive outlook for eth. Notably, whale transactions valued at more than $1 million hit their highest levels in seven months, as shown in the chart above.
Furthermore, it was clear that the number of exchange names had increased. This supported earlier claims that the whales were moving their treasure to make money.
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Featured image by Rhys A. via Flickr
