The ETH market has received a boost following reports of a whale purchasing over 128 million worth of the cryptocurrency in recent weeks.
According to data from Etherscan, an anonymous ETH wallet known as 0x882…49732 has withdrawn a total of 64,400 ETH from crypto exchanges since June 8. Out of this amount, the whale staked 36,640 ETH worth around 71 million, indicating plans to hold the asset for the long term.
The largest withdrawal of 7,300 ETH worth 14 million occurred just four days ago on July 14. In total, the whale slowly accumulated ETH over a period of 44 days through six separate transactions ranging from 6,500 to 15,500 ETH.
Whales are known for owning significant amounts of particular coins, and their moves often shape market sentiment. The whale’s accumulation of ETH in a staggered manner suggests a strong bullish outlook on Ethereum’s future.
By staking the majority of the withdrawn ETH, the whale has essentially locked up funds, demonstrating faith in Ethereum’s long-term prospects. This could boost confidence among investors and drive demand for ETH.
Staking ETH requires a minimum of 32 ETH to become a validator node that earns rewards for securing the network. However, staked funds cannot be withdrawn until an upgrade to Ethereum 2.0 is completed.
The whale’s purchase of over 128 million worth of ETH amid the current market uncertainty sends a signal that at least one major investor sees value in Ethereum at this level. It could inspire others to accumulate ETH, pushing its price higher in the short term.
So in summary, the whale’s ETH accumulation represents a bullish sign for the cryptocurrency‘s outlook. It shows that even in the current market climate, some investors see Ethereum as highly undervalued. The staking of a large portion also indicates faith in Ethereum’s long-term prospects.
