Whale Boosts Ethereum Portfolio with $7M Purchase

According to on-chain statistics released by Lookonchain, a well-known Ethereum whale has made a big move in the cryptocurrency market by buying 1,800 ETH for $7 million. The whale’s entire Ethereum holdings now stand at over 39,600 ETH, which was purchased over a period of many months at an average price of $2,487 per coin.

The deal, which was made public on X, demonstrated the whale’s bullish outlook in spite of the market’s recent turmoil. This buy was made when Ethereum’s price was steadily rising from its September lows of $2,200 to hover around $3,900. Notably, IntoTheBlock statistics showed whale net inflows of more than $493 million in a single week during that negative time.

Since May, the whale has strategically accumulated assets totaling $99 million, including an estimated $54 million in unrealized earnings. The investor’s confidence in the altcoin was further strengthened when they completed four significant transactions in the last four months, accumulating almost 6,800 ETH.

As market confidence improves, Ethereum has been resilient, trading above $4,067. High open interest in options expiring on December 27, 2024, was one of the factors that analysts at Singapore-based QCP Capital highlighted as highlighting the importance of current price levels for both Ethereum and Bitcoin. They pointed out that past patterns and the options market suggest a possible January rise, with calls being favored by ETH risk reversals.

Market players keep a careful eye on whale activity, which is frequently a predictor of larger trends, as Ethereum gets ready for another possible bullish cycle.

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