NewsletterConsensys Whale buys $320M Eth; Bullish Catalyst for Ethereum?
Highlights
- Whale Wallet linked to Consensys acquires $320 million worth Eth tokens.
- The wallet immediately staked $120 million through liquid collective.
- This massive acquisition of Eth tokens signify strong institutional confidence in Ethereum.
Signalling strong institutional confidence in Ethereum, a whale wallet connected to Consensys purchased $320 million worth of Eth tokens from Galaxy Digital, with $120 million staked via liquid collective. This massive acquisition of Eth tokens has set the chatter buzzing on social media as Eth fans see the move as a further step towards adoption of Ethereum.
According to on-chain analytics platform Arkham Intelligence, a whale wallet connected to Consensys, an Ethereum focused tech giant, acquired over 1,00,000 eth tokens worth a staggering $320 million on Wednesday. After the acquisition, the whale transferred it to a new wallet address “0x0b2” and staked $120 million via liquid collective.
According to market experts, such massive acquisition of Eth tokens could be a bullish sign for Ethereum with both demand-supply dynamics and broader institutional confidence playing major factors. Experts also view the wallet movement as a possible catalyst for Eth performing well along with other major altcoins.
According to CoinGecko, immediately after the wallet movement, the price of Eth token shot up to a 24-hour high of $2667.17 before consolidating at $2627 on Thursday morning, with a nominal 0.2% fall.
What does the whale movement of Eth tokens signify?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Breaking: VanEck Discloses Fees and Staking Details for its Avalanche ETF
- Crypto Market Braces for Volatility as BTC, ETH Options Expiry Collides $7.1 Trillion ‘Triple Witching’
- Terraform Labs Lawsuit: Jump Trading Faces $4B Case over Market Manipulation
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
- Will Bitcoin Price Crash to $74K as Japan Eyes Rate Hike on December 19?
