Main navigation

Mysterious Investor Scoops up $50 Million in Ethereum (ETH), What's Their Next Move?

Fri, 04/07/2023 - 14:17
article image
Gamza Khanzadaev
Ethereum (ETH) whale goes on whopping $50 million buying spree
Mysterious Investor Scoops up $50 Million in Ethereum (ETH), What's Their Next Move?
Cover image via
Read U.TODAY on
Google News

A mysterious whale has been making waves in the Ethereum community, buying up an impressive amount of the second largest cryptocurrency, reports Lookonchain. Since Jan. 15, this investor has purchased a total of 25,255 ETH from Binance, at an average buying price of $1,649. In total, this whale has spent nearly $46.8 million on Ethereum.

But the story does not end there. In the last 24 hours, this investor received another 1,290 ETH from the same major exchange, worth approximately $2.4 million at the current market price. This suggests that the whale is not done accumulating Ethereum and has a significant amount of confidence in the asset's potential.

Trading Titan Henrik Zeberg Reveals Key Ingredient Needed for Altcoin Season

What is their vision?

In the world of cryptocurrencies, it is not uncommon for large investors to make massive purchases of various digital assets. However, when someone spends millions of dollars on a single cryptocurrency, it can raise some eyebrows.

Of course, it is impossible to know exactly what a whale's motivations are for purchasing such a massive amount of ETH. It is possible that they believe the cryptocurrency is undervalued, and they see an opportunity to make a significant profit if its price rises in the future. Alternatively, they may simply be diversifying their portfolio and looking at Ethereum as a strong long-term investment.

Ethereum (ETH) Saw Large Increase in Buying Activities From Smart Money

Whatever the case may be, the fact that a single investor has purchased such a significant amount of Ethereum is certainly noteworthy. It will be interesting to see whether this whale continues to accumulate the cryptocurrency in the coming weeks and months, or whether they choose to cash out their holdings at some point in the future.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.