Consensys 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?

This massive Eth movement by the whale wallet comes in the backdrop of U.S. Securities and Exchange Commission (SEC)’s clarification that staked assets in Ethereum like proof-of-stake networks do not fall under the category of securities. The statement by SEC has been viewed as a positive step towards greater adoption of Ethereum as it reduces regulatory hurdles by not identifying staked assets as securities.

Moreover, BlackRock’s recent $77.1 million ETH ETF investment is a further signal towards rising institutional adoption of Ethereum, with more and more institutions keen on Ethereum.

Experts also predict that due to an increase in on-chain activity, there can be a spike in trading volume and a renewed interest in Ethereum.

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Vaibhav Jha

Vaibhav Jha is a seasoned journalist with a decade long experience working for national and international media organizations. His passion is writing and he has a penchant for research and storytelling. As a crypto news editor, Vaibhav comes on board with his journalistic skills and editorial wisdom to ensure every story is vetted, fact checked and reviewed to ensure highest editorial standards.

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