Whales Accumulate Ethereum as Price Jumps 7%
Ethereum surges 7% in 24 hours as whales and institutions buy over $210M in ETH.
- Ethereum gains 7% as whales pull over $210M from exchanges.
- Big players like Abraxas and Sharplink load up on ETH.
- GMX hacker swaps stolen funds into 11.7K ETH.
Ethereum (ETH) has seen a sharp 7% price increase over the past 24 hours, and large investors—commonly referred to as whales—are moving quickly to increase their holdings. On-chain data reveals that several massive ETH purchases have occurred, with over $210 million in Ethereum withdrawn from exchanges by both institutional players and crypto-native investors.
A newly active whale, identified as wallet 0x35fa, withdrew a staggering 32,566 ETH—valued at approximately $89.3 million at an average price of $2,741—from Kraken. This move suggests growing confidence in Ethereum’s short-term momentum.
Institutions Join the Buying Frenzy
One of the most notable institutional moves came from Abraxas Capital, which pulled 29,741 ETH (~$81 million) from Binance and Kraken. The firm’s average purchase price was around $2,725 per ETH. This transfer to self-custody wallets is a bullish sign, indicating the ETH is likely intended for long-term holding rather than immediate sale.
Sharplink Gaming, another major holder, added 5,072 ETH worth $13.5 million. Their total holdings now stand at a whopping 210,700 ETH, estimated at over $584 million. This level of accumulation signals strong institutional conviction in Ethereum’s future value.
Hackers and Smart Money in the Mix
Interestingly, the wallet linked to the GMX protocol exploit converted almost all of its stolen funds into ETH. Roughly $32 million in assets were swapped for 11,700 ETH, which was then dispersed into four separate wallets. This kind of behavior, although illicit, shows even bad actors see value in holding ETH.
Meanwhile, whale 0x8C08 made a dual purchase—acquiring 9,188 ETH (about $25 million) and 8,243 AAVE tokens worth an additional $2.5 million.
With whales moving massive sums into Ethereum and taking their funds off exchanges, market sentiment appears bullish. These large-scale purchases often precede significant market trends, and retail investors are likely to follow the lead of these influential players.
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