Ethereum’s Mysterious Whales: Accumulating Millions & Bullish On The Future



Lookonchain, a popular platform that tracks on-chain activities in the cryptocurrency market, has recently reported the discovery of a massive whale in the Ethereum (ETH) market.

According to Lookonchain’s tweet, the whale has been actively buying ETH from Binance since January 15th of this year. The whale has accumulated a total of 25,255 ETH, which is currently worth around $46.8 million.

Interestingly, Lookonchain also revealed that the whale received an additional 1,290 ETH, equivalent to $2.4 million, from Binance around 23 hours ago. It suggests that the whale is still actively investing in ETH and has a bullish outlook on the cryptocurrency.

In another tweet, Lookonchain disclosed that the same whale received a staggering 10,633 ETH from Wintermute Trading, a major player in the cryptocurrency market. The whale then exchanged the entire amount of ETH for $19.6 million worth of USDC stablecoins at a price of $1,851.

The whale subsequently deposited the USDC into the Compound protocol, a decentralized lending platform on the Ethereum blockchain. As of the time of writing, the whale now holds a whopping $232 million worth of assets.

The identity of the whale remains unknown, and it is unclear whether the whale is an individual or an institutional player. However, the whale’s buying patterns and investment decisions suggest a strong belief in the potential of Ethereum and its long-term prospects.

Finding a whale of this magnitude in the ETH market could potentially impact the price of the cryptocurrency and influence the overall market sentiment. Investors and traders are expected to closely monitor this unidentified participant and their future actions.

Crypto exchange OKX has surveyed the expected market impact of the upcoming Ethereum’s Shanghai-Capella upgrade, which will allow withdrawals of staked ether. 

The survey found that 83% of respondents believe more ETH will be staked in the next three months, and 63% predict ETH will reach a new record high of over $5,000 by the end of 2023. 79% of those surveyed expect ETH’s price to react differently to the upgrade than the Merge. 

Additionally, 33% of respondents think ETH will exceed its current six-month high of $2,000 by June 2023, while 34% predict it will be below $2,000.

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