Whale expands Ethereum holdings with $7M purchase

Recent on-chain data reveals that a cryptocurrency whale has significantly increased their Ethereum (CRYPTO:ETH) holdings with a substantial acquisition. 

According to Lookonchain, this whale, who already possessed millions in Ethereum (ETH), purchased 1,800 ETH valued at $7 million. 

This transaction took place while the price of Ether was approximately $3,900.

Lookonchain highlighted the transaction in a post on social media platform X.

Since May 24, the whale has been actively accumulating Ethereum, bringing their total holdings to 39,600 ETH over several months. 

With this latest purchase, the total investment value has reached around $99 million, resulting in an average purchase price of $2,487 per ETH.

The whale's bullish stance on Ethereum is evident, as they have acquired over 6,800 ETH through four transactions in the last four months. 

Currently, this accumulation has resulted in an unrealized profit of about $54 million for the whale.

Interestingly, while many investors adopted a bearish outlook during a price drop to lows of $2,200 in September, this whale continued to accumulate. 

Data from IntoTheBlock indicated that whales collectively sent more than $493 million in a single week during that downturn.

Since then, Ethereum has rebounded to above $4,067 as bullish sentiment returned following Donald Trump's electoral victory.

Analysts at Singapore-based QCP Capital note that both Bitcoin (CRYPTO:BTC) and Ethereum are at critical levels despite recent profit-taking at the $100K and $4K marks, respectively. 

They pointed out that options data for December 27, 2024, suggests potential upward movement. 

“History says ETH hits new highs in January post-halving,” QCP analysts stated, highlighting that options markets favor call options starting in January.

At the time of reporting, the Ethereum price was $3,768.39.