Whale doubles down on ETH with $7m buy

On-chain data reveals that a whale has increased its Eehereum holdings with a significant acquisition.

According to Lookonchain, the whale, which already holds millions of dollars worth of Ethereum (ETH) accumulated in recent months, purchased 1,800 ETH worth $ 7 million. This purchase came as the price of Ether hovered near $3,900.

Lookonchain shared the whale’s transaction via a post on X.

This whale has been actively accumulating Ethereum since May 24, accumulating a total of 39,600 ETH over several months. With the latest addition, the total investment value reached approximately $99 million and the average purchase price of the whale increased to $2,487 per token.

Whale’s bullish view on the altcoin has enabled them to acquire more than 6,800 ETH in four transactions in the last four months. Overall, the acquisitions have now increased their unrealized profits to $54 million.

What’s notable about this whale is that some of them have continued to exist as a bearish trend due to large net inflows in September. As the Ether price dropped below $2,200, data from IntoTheBlock showed that whales were sending more than $493 million per week.

Ethereum rallied above $4,067 as bulls took control following Trump’s win.

Analysts at Singapore-based QCP Capital say Bitcoin (BTC) and ETH remain at key levels despite critical profit-taking deals of $100,000 and $4,000 respectively. Option data expiring on December 27, 2024 shows levels “consistent with peak open interest,” analysts wrote.

Pointing to a higher potential squeeze, QCP analysts noted:

“History tells us that ETH reached new highs after the halving in January. Options markets agree that #ETH risk reversal supported buying starting in January.”