Are Whales Accumulating Ethereum? On-Chain Platform Shares Data

• The Ethereum whale accumulated 13,526 ETH below $3,000 apiece.
• The whale withdrew an additional 40 million USDT from Binance.
• According to data, the Ethereum whale has been accumulating ETH since Feb 19.

Ethereum price has surged by over 30% since the beginning of 2024, reaching the $3,000 level. The highest level recorded in 2024 was $3,033. Following these developments, observed movements in on-chain data indicate that whales are accumulating more ETH.

Spot On Chain, a platform that shares on-chain data, posted information today suggesting that a whale address may have acquired approximately 13,526 ETH at around $2,947 apiece. The current value of these ETH holdings exceeds $39 million.

According to the data shared by the platform, the whale withdrew 10,136 ETH from Binance and purchased 3,390 ETH from 1inch. Spot On Chain also added that the whale bought a total of 64,501 ETH in the past 3 days at the time of posting. At current prices, this represents a value of over $187 million.

Additionally, the platform said, “It also withdrew another 40M $USDT from Binance. Is this for buying $ETH too?”

The wallet of this examined whale contains 91,321 ETH, along with  $49.8 million worth of USDT and 5,485 STETH. The total value of assets in this address, according to the data shared by the platform, is $334 million.

Spot On Chain previously reported on February 19 that this same wallet address had purchased 32,002 ETH ($93 million). In a span of 19 hours, the platform reported that it bought 21,353 ETH via 1inch and withdrew 10,649 ETH from Binance.

In the last 24 hours, Ethereum’s price has increased by 0.17%, trading at $2,907. Ethereum closed its daily candle at $3,014, but it failed to maintain support above $3,000. According to CoinGlass data, ETH positions worth $59.2 million were liquidated in the last 24 hours, with short positions constituting $32 million of these liquidations.