Recent Ethereum Whale Accumulation: Insights from Yuri Molchan
The cryptocurrency market has been buzzing with activity as recent analytics reports show that large whales have been accumulating Ethereum in significant amounts. According to data shared by the @lookonchain analytics account, two wallets made massive purchases of Ethereum on centralized exchanges just a few hours ago and have continued to make large purchases over the last three days.
One of these wallets is suspected to belong to Matrixport, the blockchain company founded by former Bitmain boss Jihan Wu. The wallet moved a staggering 22,251 ETH from crypto exchanges in the past few hours, valued at $80.06 million. Additionally, over the last three days, the same wallet withdrew 33,925 ETH, worth $122.06 million at the time of purchase.
Another whale, identified as “0x4359,” withdrew 3,092 Ethereum from Binance, equal to $11.12 million, and has purchased a total of 24,044 ETH from the exchange in the last three days. Meanwhile, as these whales were accumulating Ethereum, another large wallet made a significant sale of 9,000 ETH on Binance, valued at approximately $32 million.
After reaching above $3,720 on Monday, Ethereum experienced a 7.80% retracement by Wednesday. Despite a 5.16% recovery in the past 24 hours, the cryptocurrency saw a 2% decline following the whale activity.
The cryptocurrency market continues to be volatile, with whales making significant moves in the market. Stay tuned for more updates on this developing story.
About the author:
Yuri Molchan is a technology and crypto enthusiast who has been writing about DLT and cryptocurrencies since 2017. He believes in the transformative potential of blockchain and cryptocurrencies in various aspects of the world. His articles have been quoted by prominent crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Keiser.
