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Cryptocurrency News Articles
Institutional Interest in Ethereum (ETH) May Be Heating Up Again, Targeting $10K
Jan 24, 2025 at 11:34 pm
Five wallets suspected of belonging to the same entity made significant movements within 19 hours, depositing $29.2 million in USDT to HTX
A recent tweet by on-chain analytics platform Spot On Chain suggests that institutional interest in Ethereum (ETH) may be heating up again.
Five wallets, suspected to belong to the same entity, made significant movements over 19 hours, depositing $29.2 million in USDT to HTX (formerly Huobi) and withdrawing 9,018 ETH at an average price of nearly $3,237.50 during the recent market dip.
The platform noted that these wallets withdrew the USDT from HTX on Nov. 20, 2024, indicating that the funds were held for nearly two months before being used to acquire ETH.
This transaction has sparked speculation, with some suggesting that it could be related to Justin Sun's efforts to reform the Ethereum Foundation and his ambition to see ETH reach $10,000. However, this involvement is yet to be confirmed.
As of press time, ETH price shows a 5.49% increase over the last 24 hours, trading at $3,398.
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