Ether’s (ETH) latest price rally and surge past the $3,000 level has been followed by whales on an accumulation spree.
A tweet from on-chain analytics platform Lookonchain revealed that ETH whales withdrew over $64 million worth of the crypto asset in the last six days for different purposes, including staking.
According to Lookonchain, whale 0x8B94 withdrew 14,632 ETH worth $45.5 million from the world’s largest crypto exchange, Binance, in the past six days. The assets were moved over six transactions, with the first executed on February 20.
Whale 0x8B94 first transferred 10,820 ETH accumulated by February 23 out for staking before moving the last 3,850 ETH withdrawn between February 24 and 25, eight hours before writing time. Data from Etherscan showed the whale had a balance of 4.7 ETH worth approximately $14,500 at press time.
Besides whale 0x8B94, two fresh large wallets, labeled 0x8Fa5 and 0xBa74, withdrew 3,000 ETH each from the crypto exchange Kraken on February 24 and 25, respectively. While it remains unclear if the wallets belong to the same user, their histories have no other transactions recorded. Each wallet held only the withdrawn ETH value at $9.26 million at writing time.
The whale withdrawals come as ETH hovers above the $3,000 price level, recording a 2% increase in the past 24 hours, per data from CoinMarketCap. The cryptocurrency has rallied significantly recently, reaching levels last seen in the spring of 2022.
Although ETH has experienced brief pullbacks after soaring past $3,000 on several occasions in the past few days, analysts believe the rally could continue, and the asset’s price will keep soaring in the near future.
While there is no specific reason for Ether’s recent surge, several factors could be considered for the asset’s latest performance. One such is the potential approval of spot Ethereum exchange-traded funds (ETFs) in the U.S., which is much expected as the Securities and Exchange Commission greenlighted the launch of nine spot Bitcoin ETFs over a month ago.
Other reasons to be considered include the upcoming Dencun upgrade, which is set to address high gas fees and slow transaction speeds, making Ethereum layer-2 solutions more efficient and affordable.