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?
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