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Mysterious Whale Pulls 6,030 Ethereum (ETH) From Exchange as Price Eyes $3,000

Thu, 9/05/2024 – 13:30

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A mysterious Ethereum (ETH) whale has triggered marketwide commentary with the latest buy-up of the asset. According to data from the crypto analytics platform Lookonchain, the Ethereum whale withdrew a total of 6,030 ETH from Binance a few hours ago.

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This withdrawn Ethereum is worth approximately $18.09 million based on the price of the asset at the time the transaction was initiated.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 he is long on the asset. Per his on-chain activities, this whale has bought a total of 10,758 ETH valued at $32.14 million from Binance since at least May 2.

The activities of this whale extend beyond direct Ethereum accumulation as it also engages with other tokens in the blockchain’s ecosystem. Lookonchain noted that the whale recently swapped ETH to stETH. He then deposited these funds into Aave, from where he borrowed stablecoins to buy more Ethereum.

It remains unclear what the attraction for Ethereum is at this time. At the time of writing, the coin has recorded a 0.37% slump in value in 24 hours to $2,970.75. With this, the coin is eyeing a reboot to its psychologically important level of $3,000.

Ethereum’s push to reclaim this level has faced constant rejection from the market as volatility and instability in daily volume have dampened sentiment. However, innovation to enhance the protocol keeps surfacing, with projections to overhaul the general bearish trend.

Cofounder Vitalik Buterin just released a new insight into how to solve the protocol’s unabated gas fee problem. Before this, he co-authored a proposal that seeks to prepare the protocol’s smart contract wallets for a future dominated by Quantum Computers.

With the outlook of the Ethereum ecosystem, the whale accumulating the coin might benefit from a potential bullish surge in the near term.

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