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Crypto Whales Buy and Stake $45.5 Million in Ethereum (ETH): Price Impact

2 mins
Updated by Ryan James
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In Brief

  • Crypto whale stakes $45.5 million in ETH, signaling investor confidence in Ethereum's future.
  • Ethereum price approaches $3,300 as whales withdraw and stake large ETH amounts.
  • ETH value rises by 35% in a month, with bulls targeting a $3,300 resistance level.
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A crypto whale has staked a staggering $45.5 million in Ethereum (ETH). This action and other whales’ accumulations have led to a notable surge in the crypto price.

This bold move underscores the growing confidence among major investors in Ethereum’s long-term potential.

Ethereum Price Approaches $3,300 Level Amidst Whale Accumulation

Recent data from the on-chain analytical platform Lookonchain reveals a fascinating development. A prominent whale wallet, 0x8B9, withdrew 14,632 ETH, valued at approximately $45.5 million, from Binance and staked it all within just six days.

Moreover, another report from Spot On Chain highlights an equally intriguing transaction. A new wallet, identified as 0xBa7, executed a significant withdrawal of 3,000 ETH ( approx. $9.18 million) from Kraken, with Ethereum’s price at $3,061 at that moment. Interestingly, ETH is the only token this whale has chosen to accumulate, signaling a targeted investment approach.

Furthermore, there has been more whale accumulation over the weekends. Specifically, two new wallets withdrew a total of 6,000 ETH from Kraken, totaling an impressive $18.17 million, at an average price of $3,028. These withdrawals from centralized exchanges to self-custody solutions suggest a long-term holding strategy. Consequently, this reduces the selling pressure on Ethereum and fosters a bullish market sentiment.

The impact of these strategic moves is clearly visible in Ethereum’s price trajectory. Over the past month, ETH has seen a remarkable rise, with its value increasing by nearly 35%. This surge has pushed the price of ETH to $3,100, a peak not seen since April 2022. Market intelligence firm Decentrader has been closely monitoring this trend. They suggest market bulls aim for a new resistance level at $3,300.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Performance. Source: TradingView

“Not sure who needs to hear this, but the [Ethereum] bull run started in October. $10k is the conservative target for this cycle,” pseudonymous trader Un1c0rn said on X.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.