Ethereum (ETH) experienced a significant price surge of 7.5% over the last 24 hours, following substantial purchases by new whales. The cryptocurrency's value escalated from $1,717 to $1,846 before slightly falling to $1,828 on the Bitstamp exchange, according to data provided by blockchain analyst @OnchainDataNerd on a popular social media platform.
This increase comes in the wake of Bitcoin's 9.73% price spike, which was largely driven by anticipation for the Securities and Exchange Commission's potential approval of the Bitcoin spot Exchange-Traded Fund (ETF) later this year.
In recent developments, four new whales were observed making substantial ETH purchases on Coinbase (NASDAQ:COIN), a leading US-based cryptocurrency exchange. Data reveals that three of these whales collectively bought 47,760 ETH worth $82.97 million in a single day. Another fresh wallet procured and withdrew an additional 8,310 ETH from Coinbase, valued at $15.09 million.
In parallel with these activities on Coinbase, Whale Alert tracked significant ETH transfers from Binance to anonymous wallets. These included a large transfer of 30,709 ETH from Binance.
These events reflect the increasing interest and activity in the Ethereum market among large-scale investors or 'whales'. Their substantial purchases and withdrawals have contributed to Ethereum's recent price surge and indicate growing confidence in the cryptocurrency's potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.