Whale doubles down on ETH with $7 million purchase

On-chain data reveals that a whale has increased its Eeherum holdings with a substantial purchase.

According to Lookonchain, the whale, which already owned millions of dollars in ethereum (eth) accumulated in recent months, made a purchase of 1,800 eth valued at $7 million. This acquisition occurred when the price of Ether was around $3,900.

Lookonchain shared the whale transaction via a <a target="_blank" href="https://x.com/lookonchain/status/1866162928371847622″ target=”_blank” rel=”nofollow”>mail in x.

This whale has been actively accumulating ethereum since May 24, accumulating 39,600 eth in total over several months. With the recent addition, the total investment value has reached approximately $99 million, bringing the average whale purchase price to $2,487 per coin.

The whale's bullish view on the altcoin allowed them to acquire over 6,800 eth in four transactions in the last four months. In total, the acquisitions currently put their unrealized benefits at $54 million.

Something worth noting about this whale is that it held up as some took a bearish view with huge net inflows in September. When the price of Ether fell to lows of $2,200, data from IntoTheBlock showed that whales sent more than $493 million in a week.

ethereum has since witnessed a recovery above $4,067 as bulls took control following Trump's victory.

Analysts at Singapore-based QCP Capital say bitcoin (btc) and eth are at key levels despite profit-taking agreements at the critical $100,000 and $4,000 respectively. Options data for the December 27, 2024 expiration indicates levels that “align with the highest open interest,” according to the analysts. <a target="_blank" rel="nofollow" href="https://x.com/QCPgroup/status/1866062704609575387″ target=”_blank”>wrote.

Pointing to a possible upward contraction, QCP analysts noted:

“History says that eth hits new highs in January after the halving. Options markets agree, where #eth risk reversals favor call options starting in January.”