crypto.news
On-chain data reveals that a whale has increased their Eehereum holdings with a substantial purchase.
According to Lookonchain, the whale, who already held millions of dollars worth of Ethereum ($ETH) accumulated over recent months, made a 1,800 $ETH purchase valued at $7 million. This acquisition occurred as the price of Ether hovered near $3,900.
Lookonchain shared the whale’s transaction via a post on X.
This whale has been actively accumulating Ethereum since May 24, amassing 39,600 $ETH in total over several months. With the recent addition, the total investment value has reached approximately $99 million, bringing the whale’s average purchase price to $2,487 per coin.
The whale’s bullish view on the altcoin saw them acquire over 6,800 $ETH in four transactions in the past four months. Overall, the acquisitions currently put their unrealized profit at $54 million.
Something noteworthy about this whale is that they held as some took a bearish view with huge net inflows in September. As Ether price fell to lows of $2,200, data from IntoTheBlock showed whales sent more than $493 million in a week.
Ethereum has since witnessed a recovery to above $4,067 as bulls took control following Trump’s win.
Analysts at Singapore-based QCP Capital say Bitcoin (BTC) and $ETH are both at key levels despite the profit-taking deals at the critical $100K and $4k respectively. Options data for the 27 Dec. 2024 expiry indicates levels that “align with the highest open interest,” the analysts wrote.
Pointing to a potential squeeze higher, QCP analysts noted:
“History says $ETH hits new highs in January post-halving. Options markets agree, where #$ETH risk reversals favor calls starting in January.”