Advertisement
AD

Main navigation

This Whale Keeps Grabbing Ethereum (ETH) Despite Price Rise - Potential Reason

Advertisement
Fri, 17/02/2023 - 14:50
This Whale Keeps Grabbing Ethereum (ETH) Despite Price Rise - Potential Reason
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

According to the @lookonchain platform that tracks "smart money" crypto transactions, a whale has purchased a large amount of Ethereum from two major exchanges recently. He did that despite the short price rise that happened earlier this week.

54,000 ETH added by whale on rise

The aforementioned investor accumulated 47,729 Ethereum in total from Coinbase and Gemini exchange, paying nearly $80 million for it.

A screenshot shared by @lookonchain shows that there were three purchase transactions of 14,871 ETH; 16,535 ETH and 10,214 ETH. This occurred on Feb. 15 and 16, when the ETH price briefly went up to the $1,680 level.

Two more purchases were made after the price dropped to the $1,663 mark earlier today. At press time, Ethereum is trading at $1,662, per the data shared by CoinMarketCap.

Related
Cameron Winklevoss Has Something to Say About Bitcoin's (BTC) $25,000 Price Spike

Is whale adding ETH before Shanghai?

A possible reason for these purchases despite the price fluctuation is that the whale is betting on the ETH price to rise after the Shanghai upgrade is implemented.

After Shanghai takes place, which is expected to happen in February, coins staked in the Ethereum 2.0 deposit contract will be released. It is also expected to reduce transaction fees and enable the Ethereum network to handle a larger number of transactions than it can do now.

Many investors, however, expect the price to demonstrate a sharp drop once all of the staked ETH are released onto the market.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD