Whales bought $57 million worth of Ethereum in 24 hours

Ethereum (ETH) has seen significant inflows over the past 24 hours.

According to the analytical platform SpotOnChain, large investors bought almost $57 million worth of ETH. From this we can conclude that whales remain confident in the price dynamics of the asset, despite the prevalence of bearish sentiment in the broader market.

Whales remain confident in Ethereum

According to Spot On Chain, whales have made several large transactions over the past 24 hours. The most notable of these was wallet transaction 0x3d4, which withdrew 8,877 ETH worth about $29 million from Binance. He previously transferred 14,877 ETH from the same exchange. The average purchase price of the asset for this holder is $2,863. This means it currently has unrealized gains of $6.02 million.

Wallet 0x0d7 withdrew 1,800 Ethereum worth $5.71 million from Binance. It is noteworthy that this was the first transaction he recorded.. Another large transfer was made by whale 0x435, who sent 7,128 ETH worth about $22.2 million from the exchange.

Historically, significant whale activity, whether buying or selling, has served as a key indicator of potential changes in the market, signaling impending volatility or forecasting possible stabilization. Thus, the latest actions of large wallets can significantly affect the price dynamics of the second largest cryptocurrency by capitalization.

Members of the crypto community speculate that whales are purchasing Ethereum ahead of the possible approval of spot ETFs in the US. The tool can democratize investments in the second largest cryptocurrency by capitalization. The deadline for applications from a number of market participants to launch spot ETH-ETFs will come in May 2024.

While the US is still discussing the viability of spot Ethereum ETFs, Hong Kong regulators have approved several applications to launch the instrument. Previously, BeInCrypto spoke to experts about how the launch of spot ETFs in Hong Kong will change the market.