As Ethereum surged above $2,400, both retail and institutional whales began to buy ETH in large quantities.
Recent analysis shared by multiple sources indicates that giant whales have begun to hunt down Ethereum and withdraw it from cryptocurrency exchanges to their cold wallets.
ETH prices surged, and institutions continued to buy crazily.
In the past 24 hours, the world's second-largest digital currency, Ethereum (ETH), surged about 33%—in just one day, ETH rose from $1,810 to $2,414 earlier today. The last time ETH reached this level was in early March this year.
After a surge, ETH experienced a rebound, with a slight decline of 3.35%. As of the time of writing, the trading price of ETH is $2,336.
Meanwhile, the analysis account of X Lookonchain reported that after the significant rise in Ethereum's price, Abraxas Capital Management, which has focused on digital assets since 2017, continued to increase its Ethereum holdings. Today, the company bought and withdrew 61,401 ETH from various cryptocurrency exchanges, worth $116.3 million.
On Thursday, the same fund manager purchased 49,644 ETH from Binance, worth approximately $92 million.
World Liberty Financial seized 1,587
ETH. In addition, statistics released by data aggregation company Senora (now renamed IntoTheBlock) show that whales have emptied Ethereum from cryptocurrency exchanges for the third consecutive week. The total outflow over the past few weeks has reached $559 million.
In addition, a large institution also entered to buy Ethereum today—World Liberty Finance, under Donald Trump, acquired 1,587 ETH for approximately $3.5 million. The company also increased its holdings of 9.7 WBTC, worth $1 million.
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