News - Whale buys $180 million in ETH

By Mike Hesp

Whale buys $180 million in ETH

Ethereum (ETH)
Wallets and Whales

Buying on a large scale: one Whale buys more than $180 million in ETH in February. He is preparing for price jumps.

A Whale diligently collected in February Ethereum. He has now withdrawn more than $180 million from the exchanges to his wallet. This reports Finbold.

Its average purchase price: about $2,557 per coin. This means the Whale probably expects prices to rise.

He has a total of $214 million in Ethereum, most of it in various DeFi protocols.

Whales are investors or entities that own large sums of money in various coins. The holdings usually run into the millions, sometimes even the billions.

So far, Ethereum has underperformed Bitcoin and many other coins in the rally of recent months.

However, the fundamental data are very positive: never before have there been so many Ethereum in smart contracts, more than 35 percent. A record.

So they are invested in the ecosystem for the long term and cannot be bought.

Market observers are speculating on the approval of an Ethereum spot ETF, likely in May. This could bring institutional money into the ecosystem, as is currently the case with Bitcoin.

The potential impact was already predictable when the Bitcoin spot ETF was approved. Ethereum rose 10 percent and other tokens by as much as 30 percent.

Recently, asset manager Frank Templeton, a giant in the industry, filed an application. BlackRock filed its application last year.

Recently, the SEC delayed its decisions on Ethereum ETF applications, and experts disagree on the likelihood of approval. Bloomberg puts it at 70 percent.

While some are already assuming approval in May, SEC Chairman Gary Gensler would this time may even withhold his approval.

Ethereum is currently trading at $2,800 and has a market capitalization of $338 billion.

The cryptocurrency rose 18 percent from week to week.

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