Whales continue to collect more than hundreds of millions of dollars in ETH at a price of 2,845 USD
Although Ethereum has increased nearly 20% in the last 7 days, whales continue to accumulate large amounts.
According to data from SpotOnChain, a whale is believed to have collected over $150 million worth of Ethereum (ETH) through Binance and decentralized exchange 1inch.
In the last 24 hours, this giant whale bought a total of 54,721 ETH with multiple buy orders, including 29,875 ETH on Binance and 24,846 ETH via 1inch DEX, with an average price around 2,845 USD.
Notably, when checking the portfolio through the SpotOnChain platform tool, this wallet address currently holds a total of 74,383 ETH equivalent to 216.54 million USD. Meaning, this whale owned 19,662 ETH before collecting nearly 3 times the amount in the last 24 hours.
The whale's portfolio holds a total of 74,383 ETH or worth $216.63 million. Photo: SpotOnChain
Besides the huge amount of ETH, this whale wallet also holds about 5,485 stETH (Lido Finance's liquid staking asset) worth nearly 16 million USD transferred from the HTX exchange 11 days ago, and 29.9 million stablecoins remaining. USDT. Total wallet value at the time of writing was recorded at 262.5 million USD.
Likely, this whale believes that Ethereum's Dencun upgrade scheduled for implementation in mid-March 2024 will promote strong growth of ETH in the near future. This is more clearly shown by owning 16 million USD of stETH in the liquid staking segment, which is expected to increasingly attract large-scale adoption, with the potential to reach billions of dollars in value.
The total value locked (TVL) of projects in this segment increased by 300% last year to $5 billion. Liquid staking protocols such as Lido, Rocket Pool, ssv.network and Stader have gradually become familiar names to investors in the industry since Ethereum successfully carried out The Merge event, switching to using the Proof- of-Stake, in September 2022 and then proceed to unlock ETH staking after the Shanghai upgrade in April 2023.
The Dencun upgrade also greatly benefits cross-chain bridge solutions thanks to EIP-4788 and EIP-4844. By minimizing dependence on oracles, which is one of the attack methods causing losses of up to 1 billion USD in 2022, Dencun will help strengthen the network, improve infrastructure, and create growth momentum for entire Ethereum ecosystem for the next phase.
At the time of writing, ETH price is trading around 2,913 USD, up about 4% in the last 24 hours and 18% over the past 7 days.
At the same time, the famous Founders Fund investment fund of American billionaire Peter Thiel marked his return to the cryptocurrency market by spending up to 200 million USD to buy Bitcoin (BTC) and Ethereum (ETH).
Founders Fund is a famous Silicon Valley investment fund, which has contributed capital and incubated large companies today such as SpaceX, Airbnb, Facebook, Lyft, Spotify, Palantir, etc. The amount of assets managed by the fund as of the end by 2023, it will reach 12 billion USD.
In April 2023, Founders Fund appointed former Pantera Capital Chief Investment Officer Joey Krug as manager responsible for crypto, signaling a renewed openness to cryptocurrencies.
Reuters sources confirmed that the investment in Bitcoin and Ethereum was made in the late summer - early fall of 2023, when the crypto market was still in a sideways phase, before exploding in the last months of the year thanks to The driving force comes from the Bitcoin spot ETF.
Although the Bitcoin investment price was not disclosed, the source said the fund purchased below $30,000, then continued to increase its position in the following months.
Founders Fund is one of the Silicon Valley investment funds that knew Bitcoin early, allocating capital to the world's largest cryptocurrency since 2014. When the crypto market collapsed due to many crises in 2022, Founders Fund announced that it had successfully exited the position with a profit of up to 1.8 billion USD.
Many large organizations in late 2023 and early 2024 have actively increased the amount of Bitcoin held to prepare for the next growth phase, most notably MicroStrategy (owning 190,000 BTC) and Tether (holding 190,000 BTC). owns nearly 66,500 BTC).
In addition, Wall Street giants have set up a Bitcoin spot ETF in just the past month and have bought more than 200,000 BTC, creating great momentum for Bitcoin to return to the $50,000 mark for the first time since December 2021.
