Ethereum Whales Move 150k Coins as Price Hits New Highs

Ethereum is experiencing a surge in accumulation by whale investors according to recent on-chain data and transaction alerts.

Major on-chain activity has been detected as a new report from CryptoQuant shows Ethereum is experiencing a surge in accumulation by whale investors. The activity was spotted by analysts following several large transactions detected by blockchain transaction and data firm Whale Alert.

The activity in the past 24 hours saw major transactions detected as moving between exchanges and private wallets. One of the biggest transactions saw 76,800 ETH move for $195,308,712 from Binance to Binance Beacon Deposit, which may possibly be for staking, as highlighted by Whale Alert.

🚨 🚨 76,800 #ETH (195,308,712 USD) transferred from #Binance to Binance Beacon Deposit

The second transaction saw 40,930 coins valued at $104,655,422 move from an undisclosed wallet to custodial service Ceffu. Binance also transferred 32,496 ETH valued at $82,956,333 to an undisclosed wallet.

The three transactions add up to more than 150,000 ETH, which is worth over $380 million at current market prices. The move comes just days after CoinGape reported huge whale activity, with ETH investors accumulating 123,000 coins.

The movement of such large amounts of coins may suggest strategic positioning by large holders, a trend which analyst Gordon picked up on and stated that “Whales are accumulating $ETH like never before” in a recent tweet.

According to CryptoQuant data, the inflow to accumulation addresses has reached historic levels. The chart below shows a vertical spike in inflow which outsizes all earlier inflow events in ETH’s history since its inception in 2017.

The growing accumulation is matched by the altcoin’s incredible price action across all time frames. ETH has risen by 38.6% over the past week and a whopping 50.6% over the past month.

The weekly price ranges have seen ETH trade between $1,763.97 and $2,582.98. A recent CoinGape market analysis also raised the possibility of the Ethereum price hitting $3,000 as over 66 million ETH turn profitable.

The CryptoQuant chart shows the historical relationship between the altcoin’s price (gray line) and inflows to accumulation addresses (purple bars). While previous accumulation spikes have typically resulted in price increases, this latest spike is noteworthy for its sheer size.

As the saying goes, smart money accumulates during bear markets and sells during bull markets. Still, the evidence here implies whales are still betting on a further price surge despite the gains which ETH has already enjoyed.