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A recent report shared by the @spotonchain analytics account shows that several Ethereum whales have begun stockpiling ETH, even though the coin's price has risen by 6% in the last three hours.
The sudden increase in Ethereum prices is most likely caused by the Bitcoin price surge, which has finally regained the $72,000 level. At the time of writing, Ethereum, the second largest cryptocurrency, is trading at $3,620, having printed three consecutive green candles on an hourly chart. The largest of them drove ETH up 3.64%.
Whales Make Major Moves with Ethereum Purchases Ahead of Price Surge
Two recent posts by the aforementioned on-chain data provider account on X/Twitter show that several anonymous whales purchased massive amounts of ETH before it surged above $3,410.
Over the last 14 hours, two whales have bought 10,322 ETH for $35.1 million in stablecoins. According to the tweet, using eight different wallets, one whale purchased approximately 6,145 ETH at $3,395 per coin over the last nine hours. The other one purchased 4,178 ETH for 14.25 million DAI while ETH was still trading at $3,410 approximately 14 hours ago.
The @spotonchain account believes these large purchases may have increased Ethereum's price.
Aside from those anonymous wallets, two other whales took much Ethereum several hours ago. Whales -0x666 and -0x435 obtained 11,675 ETH from Binance after paying approximately $3,455 per coin. This amount of Ethereum is valued at $40.28 million in fiat.
However, while some whales stockpile Ethereum, someone has decided to profit by selling it. According to a tweet from on-chain data provider @PeckShieldAlert, an address resembling that of the Ethereum Foundation dumped 100 ETH and sold it for 345,000 DAI stablecoins.
Ethereum Rides Bitcoin's Price Wave, Surging Amid BTC's Climb Above $72,000
The significant surge in Ethereum observed by the market today was most likely caused by the sudden price explosion of the world's leading cryptocurrency, Bitcoin. Over the last few hours, BTC has printed three consecutive green candles, propelling it above $72,000.
However, the price has dropped slightly, losing nearly $1,000.
Photo: Microsoft Bing
