ETH has experienced a surge in line with the overall market recovery, with the price of ETH rising nearly 20% in the past week. With a significant increase close to the $3,000 price level, this altcoin price increase is supported by a large accumulation by the whale group.
This wave of buying by influential investors in altcoins reflects growing confidence as the industry anticipates the approval of spot Ethereum ETFs later this year.
A cluster of Ethereum whales, identified by blockchain analytics platform Spot On Chain, has reportedly made large purchases in a short period of time. Over the weekend, the whale first acquired 32,002 ETH, worth $90 million, mainly by exchanging 60 million USDT for 21,353 ETH and withdrawing 10,649 ETH worth $30 million from Binance.
The whale followed up with an additional purchase of 22,719 ETH, worth $65.7 million, with transactions including withdrawing 19,226 ETH, worth more than $55 million, from Binance and exchanging 10.1 million USDT for 3,493 ETH via 1inch.
In total, the entities raised 54,721 ETH through Binance and 1inch, for a total of $155.7 million, in 24 hours. This rally coincided with Ethereum price surpassing $2,900, marking an important milestone in its recent bullish trend.
Ethereum has shown a bullish performance throughout February. This was reflected when Beacon Chain's staking results jumped to 30,206,801 ETH, locking in almost a quarter of the entire supply, accompanied by 943,974 active validators. Therefore, a decrease in the supply of this major altcoin is expected to increase its price.
Another sentiment is excitement for the spot Ethereum ETF which has attracted significant interest from Franklin Templeton, BlackRock, Fidelity, Ark, 21Shares, Grayscale, VanEck, Invesco, Galaxy, and Hashdex.
