Ether Whale Scoops $13M ETH in First Move Since Last Pre-Rally Buy: What Do They Know?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
The Ethereum price has made a notable rebound over the past 24 hours, emerging from a brief slip with a 3.36% increase.
This rise appears to be bolstered by substantial inflows, most notably a significant $13 million ETH purchase from a well-known Ether whale.
Ethereum continues to make leaps and bounds as the broader market shows strength in its recovery following Monday’s sell-off. It has outperformed most other major altcoins over this timeframe, up 17.70%.
Indeed, Ethereum has garnered particular interest among traders today, with a substantial 80.47% surge in trading volume to $19.88 Billion.
This uptick comes as a prominent Ether whale has made a significant 5,000 ETH acquisition, worth over $12.8 million at its current valuation.
The last time this whale address bought the dip was when Ether fell to the $2,100 mark, shortly before it recovered to $3,100, according to an August 12th X post by Scopescan.
A #whale bought 5K $ETH ($12.8M) at the price of $2.5K.
Last time this whale bought at $2.1K and sold at $3.1K.
address:https://t.co/gz7sZT1wZ2
Follow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/4DEsh0EHwU
Whale buying patterns can provide insights into underlying sentiment around an asset. Notably, The last time this whale bought Ether marked the local price bottom just before a strong recovery.
This strategic move comes as Ethereum has begun to see more favorable activity among traders. The digital asset market attracted $176 million in inflows last week, with products indexed to Ethereum leading the pack with a $155
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