Ethereum
Mysterious whale removes 6,030 Ethereum (ETH) from exchange as price eyes $3,000
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A mysterious Ethereum (ETH) whale has sparked market-wide commentary with the asset’s latest buyback. According to Thanks to data from crypto analytics platform Lookonchain, the Ethereum whale withdrew a total of 6,030 ETH from Binance a few hours ago.
This withdrawn Ethereum is worth approximately $18.09 million, based on the price of the asset at the time the transaction was initiated. This particular whale has a very deep interest in Ethereum as it is long this asset. According to its on-chain activities, this whale has purchased a total of 10,758 ETH worth $32.14 million from Binance since at least May 2.
This whale’s activities extend beyond direct accumulation of Ethereum, as it also engages with other tokens in the blockchain ecosystem. Lookonchain noted that the whale recently swapped ETH for stETH. He then deposited these funds into Aave, from where he borrowed stablecoins to purchase more Ethereum.
We still don’t know exactly what attraction for Ethereum is at this time. At the time of writing, the coin’s value recorded a 0.37% decline in 24 hours to $2,970.75. With this, the coin plans to restart at its psychologically important level of $3,000.
Ethereum’s efforts to regain this level have been consistently rejected by the market as volatility and instability in daily volume dampened sentiment. However, innovation to enrich the protocol continues to resurface, with projections aiming to revise the general downward trend.
Co-founder Vitalik Buterin has just released a new look at how to solve the protocol’s persistent gas fee problem. Before that, he co-authored a proposal to prepare the protocol’s smart contract wallets for a future dominated by quantum computers.
With the outlook for the Ethereum ecosystem, the coin’s accumulating whale could benefit from a potential short-term bullish surge.