Recent on-chain data from Spot On Chain has revealed significant accumulation activity by an Ethereum whale, igniting interest and speculation within the ETH community. Over the past three days, the whale address in question has purchased a total of 64,501 ETH, amounting to approximately $187 million at current market prices.
Spot On Chain reported today that the whale acquired approximately 13,526 ETH at an average price of $2,947 per ETH, adding over $39 million to its already substantial holdings. Notably, the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from 1inch, further boosting its accumulation.
The withdrawal of an additional 40 million USDT from Binance has prompted speculation regarding its potential use for further Ethereum purchases. Spot On Chain’s data indicates that the whale’s wallet now holds a total of 91,321 ETH, along with approximately $49.8 million worth of USDT and 5,485 STETH, totaling an estimated $334 million in assets.
The whale’s recent buying spree, coupled with its growing holdings, suggests a bullish outlook on Ethereum’s future trajectory among institutional investors and high-net-worth individuals. Such substantial accumulation activity by a single entity underscores confidence in Ethereum’s long-term value proposition and potential for further price appreciation.
As Ethereum continues to gain traction as a leading smart contract platform and decentralized finance (DeFi) ecosystem, institutional interest in acquiring ETH as a hedge against inflation and as a strategic investment is on the rise.