The cryptocurrency market is abuzz with the expectation of the United States’ first spot Bitcoin ETF potentially receiving approval soon. This anticipation has led to increased activity, especially among large-scale investors, commonly known as whales, who are accumulating Bitcoin (BTC) and various altcoins. Recent on-chain data has revealed that a significant crypto whale has purchased 21,192 Ethereum (ETH) at an average price of $2,265.
Spot On Chain, an on-chain data provider, reported that a whale with a wallet address beginning with 0x931… spent approximately $48 million on 21,192 ETH in just two transactions. This considerable investment occurred within a span of two hours.
Further data indicates that since January 13, 2023, the whale has acquired a total of 79,500 ETH from decentralized exchanges (DEXs) and Binance at an average price of $1,790. The whale is currently facing an unrealized profit of $36.84 million, which translates to a 25.9% return on their ETH investment.
Additionally, Spot On Chain revealed that the whale’s ETH purchases were financed through revolving loans from Aave and Liquidity.
According to CoinMarketCap, Ethereum’s ETH has seen a 1.92% increase in the last 24 hours, trading at $2,262. Despite a 3.68% decrease over the past week, ETH has risen by 2.62% in the last 30 days. Market experts and analysts are expecting a significant upward movement for the altcoin, triggered by the SEC’s potential green light for at least one spot Bitcoin ETF.