Ether (eth)'s latest price rally and its breaking above the $3,000 level has been followed by whales on a wave of accumulation.
TO cheep on-chain analytics platform Lookonchain revealed that eth whales withdrew more than $64 million worth of crypto assets in the last six days for different purposes, including staking.
eth whales withdraw $64.2 million
According to Lookonchain, whale 0x8B94 withdrew 14,632 eth worth $45.5 million from the world's largest crypto exchange, Binance, in the last six days. The assets were moved in six transactions, with the first executed on February 20.
Whale 0x8B94 first transferred 10,820 eth accumulated through February 23 for staking before moving the last 3,850 eth withdrawn between February 24 and 25, eight hours before the time of writing. Etherscan data presented The whale had a balance of 4.7 eth worth approximately $14,500 at press time.
In addition to whale 0x8B94, two large new wallets, labeled 0x8Fa5 and 0xBa74, withdrew 3,000 eth each from the Kraken crypto exchange on February 24 and 25, respectively. While it is not clear if the wallets belong to the same user, their histories have no other transactions recorded. Each wallet contained only the withdrawn eth value of $9.26 million at the time of writing.
eth hits 2-year high
Whale withdrawals occur when eth settles above the $3,000 price level, recording a 2% increase in the last 24 hours, per ethereum/” data-wpel-link=”external” target=”_blank”>data from CoinMarketCap. The cryptocurrency has rallied significantly recently, reaching levels last seen in spring 2022.
Although eth has seen brief pullbacks after surpassing $3,000 on several occasions in recent days, analysts believe that the rally could continue and the asset's price will continue to rise in the near future.
While there is no specific reason for Ether's recent surge, several factors could be considered for the asset's latest performance. One of them is the possible approval of spot ethereum exchange-traded funds (ETFs) in the US, which is highly anticipated as the Securities and Exchange Commission greenlit the launch of nine spot bitcoin ETFs. more than a month ago.
Other reasons to consider include the upcoming Dencun upgrade, which will address high gas fees and slow transaction speeds, making ethereum layer 2 solutions more efficient and affordable.
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