Ethereum Price: Justin Sun & Other Whales Accumulate $500M ETH, What's Next?

Highlights

Ethereum price dips despite significant accumulation by whales like Justin Sun.
Lookonchain data shows whales collectively amassing around $500 million worth of ETH recently.
Strategic movements include withdrawals from exchanges and allocations into various platforms.

The Ethereum price has once again gained attention from the traders, as the market participants are closely monitoring whale activities amid recent price fluctuations. Despite a temporary slump, heightened whale trading has reignited optimism for a potential Ethereum price recovery in the near future.

Notably, with significant developments on the horizon and increasing institutional interest, the trajectory of Ethereum remains a focal point for both traders and enthusiasts.

Ethereum Price Dips Despite Whale Accumulation

The Ethereum price has declined over 1% today, continuing its downturn momentum. However, the crypto has noted significant gains this year amid a rally in the broader crypto market. But, the recent SEC investigation on Ethereum’s security status and a potential delay in the Ethereum ETF approval seems to have weighed on the sentiment.

However, amid this, the recent on-chain data shows significant Ethereum accumulation by influential figures in the cryptocurrency space. The report suggests that Tron Founder Justin Sun might have shifted his focus toward the second-largest crypto market cap recently.

Meanwhile, according to insights from Lookonchain, Sun and other whales have collectively amassed around $500 million worth of ETH in recent transactions. Noteworthy movements include sizable withdrawals from exchanges and strategic allocations into various platforms, signaling confidence in Ethereum’s long-term potential.

According to Lookonchain, “possibly” Justin Sun withdrew 4,666 ETH valued at $14.91 million from Binance, alongside significant withdrawals by other wallets. In addition, wallet 0x4446 deposited ETH into the Compound and borrowed USDT after withdrawing 11,892 ETH worth $37.77 million.

On the other hand, another wallet, 0x1958, withdrew 5,181 ETH valued at $16.28 million from Binance and staked it into Bedrock and Pendle. Simultaneously, a fresh wallet has accumulated $23.06 million in Ethereum from Binance on April 22.

Notably, these movements signal strong confidence in ETH’s future trajectory, hinting at potential price appreciation.

Also Read: BlackRock Bitcoin ETF IBIT Enters Top 10 ETF List With Longest Inflows

Price & Performance Amid Soaring Transactions

The influx of whale activity has injected fresh optimism into the Ethereum market, counterbalancing recent concerns surrounding regulatory scrutiny and delays in Ethereum ETF approval. The strategic maneuvers of influential figures like Justin Sun underscore a bullish sentiment toward Ethereum’s future trajectory.

As investors interpret these moves as a vote of confidence in Ethereum’s resilience amidst market turbulence, anticipation builds for a potential resurgence in Ethereum price dynamics.

Meanwhile, as of writing, the Ethereum price was down 1.39% to $3,176.14, while its trading volume stayed near the flatline at $10.57 billion in the last 24 hours. Despite the recent slump, it has added nearly 3% in the last seven days, while noting a monthly loss of about 6%.

Also Read: Runes Listing Sparks Exchange Frenzy, But There’s A Catch

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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