Big Purchase: Ethereum Price Rises 7% After Whale Buys $50 Million ETH on Binance

Vitalik Buterin Ethereum Eth

Ethereum’s price fell below $3,000, prompting increased whale activity on Binance. Despite the dip caused by the Israel-Iran conflict, Ethereum swiftly rebounded, exceeding $3,150. This recovery is driven by whales purchasing substantial amounts during price drops.

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Matrixport bought $50 million ETH on Binance, capitalizing on price dips below $3,000. Top Ethereum whales follow suit, leveraging these opportunities. Furthermore, the potential approval of a spot Ethereum ETF by Hong Kong could further propel ETH’s price rally.

Ethereum Whales on the Move: Matrixport’s Strategic Moves

Matrixport’s Ethereum Withdrawals: According to data from Etherscan, Lookonchain, an on-chain data provider, noted a significant Ethereum (ETH) withdrawal from Binance linked to a Matrixport-associated wallet. This recent transaction involved the withdrawal of 16,300 ETH, equivalent to $51.1 million, occurring just 20 minutes ago. This adds to a series of withdrawals from exchanges by the same wallet since March 29, totaling 67,286 ETH or $228.33 million, with an average price of $3,393.5 per ETH. These consistent withdrawals suggest Matrixport’s strategic maneuvering in the cryptocurrency market.

Mega Whale’s Acquisition Amid Market Downturn: Additionally, another prominent whale, identified by the address 0xE3477C73E4733D48306A955044E1fAefC649C08F, acquired 1,000 ETH worth $3.15 million from Binance during the recent market downturn. This latest purchase adds to their total accumulation of 8,300 ETH, totaling $25.12 million, since the market experienced a decline.

Ethereum Long-Term Holders Influence Price Dynamics

During the price retracement from the monthly peak of $3,700 on April 8, long-term Ethereum holders sold over 55,368 ETH, valued at approximately $204 million, untouched for 180 days. However, amidst the market dip on April 11, the dormant supply in circulation (180d) decreased to 31,165 ETH, worth around $101.4 million. This indicates a reduction in selling pressure by Ethereum long-term investors by $104 million between the two weekly extremes in ETH price.

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The decline in selling pressure from long-term holders may positively influence Ethereum’s price dynamics in the coming days. With bulls aiming to push the ETH price back above $3,200 to confirm the uptrend, investors are closely monitoring the recent bounce-back.

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Recent reports hinted at the potential approval of a spot Ethereum ETF by Hong Kong on April 15, though official confirmation is pending. If approved, this could serve as an additional catalyst driving ETH’s price higher, adding to the ongoing market dynamics.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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