Whales Stake Over US$64M of ETH in Six Days

Ethereum Whales Stake US$64M in Six Days as ETH Price Surges

Whales on an acquisition binge have followed Ether's (ETH) most recent price increase and leap beyond the US$3,000 milestone. According to a tweet from on-chain analytics firm Lookonchain, ETH whales staked over US$64M worth of the cryptocurrency in the previous six days for a variety of reasons, including staking.

ETH Whales Withdraw US$64.2 Million

According to Lookonchain, whale 0x8B94 withdrew 14,632 ETH worth US$45.5 million from Binance, the world's largest cryptocurrency exchange, during the last six days. The assets were transferred in six separate transactions, the first of which occurred on February 20.

Whale 0x8B94 initially transferred 10,820 ETH acquired by February 23 out for staking before moving the remaining 3,850 ETH withdrawn between February 24 and 25, eight hours before writing time. According to Etherscan data, the whale had a balance of 4.7 ETH, worth around US$14,500 at press time.

Aside from whale 0x8B94, two new huge wallets, 0x8Fa5 and 0xBa74, withdrew 3,000 ETH apiece from Kraken's cryptocurrency exchange on February 24 and 25, respectively. While it is unknown whether the wallets belong to the same individual, their histories show no further transactions. At the time of writing, each wallet contained solely the value of the withdrawn ETH, which was US$9.26 million.

ETH Reaches 2-Year High

The whale withdrawals occur as ETH lingers over the US$3,000 price mark, with a 2% gain in the last 24 hours, according to CoinMarketCap. The cryptocurrency has lately risen, hitting levels not seen since the spring of 2022.

Although ETH has faced small pullbacks after shooting above US$3,000 on many occasions in recent days, analysts anticipate the surge will continue and the asset's price will continue to rise in the near term.

While there is no single cause for Ether's current spike, various variables might explain the asset's recent success. One example is the prospective licensing of spot Ethereum exchange-traded funds (ETFs) in the United States, which is highly anticipated after the Securities and Exchange Commission approved the launch of nine spot Bitcoin ETFs more than a month ago.