Ethereum News: Whales Accumulate 123k Coins as ETH Price Reclaims $2,000

Ethereum has seen a notable surge in price and whale activity, with the ETH price reclaiming the $2,000 level amid major accumulation by institutional investors. According to blockchain analytics platform Lookonchain, major players have been aggressively purchasing ETH. The price movement comes shortly after Ethereum activated its “Pectra” upgrade.

Ethereum whales accumulate 123k Coins

Large institutional investors have been buying Ethereum. According to Lookonchain data, Abraxas Capital Management, or Heka Funds, has made several large ETH buys within a short time period.

In their recent move, Abraxas Capital withdrew 49,644 ETH (approximately $92 million) from top crypto exchanges Kraken and Binance. This follows earlier withdrawals of 33,035 ETH ($60 million) and 41,269 ETH ($75.46 million) from the same exchanges within the past 11 hours. This brings their total accumulation to approximately 123,000 ETH valued at $227 million.

The pattern of moving large quantities of cryptocurrency from exchanges to private wallets typically means long-term holding intentions rather than plans for immediate selling. By withdrawing these assets from exchanges, institutional investors like Abraxas Capital signal confidence in Ethereum’s future value.

According to Lookonchain, an anonymous whale opened a new wallet and sent $8.58 million USDC into Hyperliquid in order to establish a leveraged long position on the ETH price, indicating that additional whale activity has been discovered. This whale entered at a price of $1,930.41 with 2x leverage. This generated an unrealized profit of $354,000 as ETH’s price climbed.

ETH price reclaims $2,000 after Pectra

Ethereum has effectively overcome the psychological $2,000 barrier. The most recent data shows that ETH has increased by 12.8% over the last day, 10.4% over the last week, and 33.7% over the last month.

ETH price was as low as $1,792.06 within the last 24 hours and reached $2,071.72. The price surge is consistent with the general strength of the cryptocurrency market since Bitcoin itself crossed the $100,000 mark and is currently trading at $101,124.

The ETH price rose after the much-awaited “Pectra” upgrade on Wednesday. It is the largest overhaul of the blockchain since the Merge in 2022. The technical upgrade has a number of important improvements. This includes more effective staking processes, improved wallet performance, and network efficiency improvements overall.

One of the most important features of the Pectra upgrade is that maximum ETH staking values would be doubled to 2,048 ETH from 32 ETH. The rationale behind this move is to enhance staking efficiency. CoinGape analysis also revealed that the Ethereum price could breach $1,950.