Mysterious Ethereum Whale Accumulates Over $150M in ETH as Price Targets $3K: Data

eth has seen a surge alongside the overall market rally, rising nearly 20% in the last week. With a significant rise close to $3,000, the altcoin's price rise has been supported by substantial accumulation by whale entities.

The wave of buying by influential altcoin investors reflects growing confidence as the industry anticipates the approval of an ethereum spot ETF this year.

• An ethereum whale, identified by blockchain analytics platform Spot On Chain, reportedly made substantial purchases in a short period of time. Over the weekend, the whale first acquired 32,002 eth, valued at $90 million, primarily by exchanging 60 million USDT for 21,353 eth via 1inch and withdrawing 10,649 eth worth $30 million from Binance.
• Shortly after, the whale made an additional purchase of 22,719 eth, equivalent to $65.7 million, with transactions including withdrawing 19,226 eth, worth over $55 million, from Binance and exchanging 10 .1 million USDT for 3,493 eth via 1 inch.
• In total, the entity accumulated 54,721 eth through Binance and 1inch, for a total of $155.7 million, in 24 hours. This rapid accumulation coincided with ethereum price surpassing $2,900, marking a major milestone in its recent uptrend.
• ethereum has demonstrated bullish performance throughout February. This is reflected in Beacon Chain's staked Ether rising to 30,206,801 eth, locking almost a quarter of the total circulating supply, accompanied by 943,974 active validators.
• As such, the dwindling supply of the leading altcoin is expected to further boost its price trajectory.
• Another catalyst is the race for an ethereum spot ETF that has attracted strong interest from Franklin Templeton, BlackRock, Fidelity, Ark, 21Shares, Grayscale, VanEck, Invesco, Galaxy and Hashdex.
• Following the success of bitcoin spot ETFs launched in mid-January, which amassed $11 billion, these institutions are considering similar opportunities with eth.

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