The Whale Embraces Ethereum with Open Arms: Both Opened a Long Position and Accumulated!
A crypto whale created significant volatility in the markets by making spot and leveraged purchases of Ethereum (ETH) with a $7 million USDC investment.
According to information shared by Lookonchain, a large investor transferred 7 million USDC to the Hyperliquid platform. Immediately after the transfer, the whale used half of this amount to purchase a total of 1,371.87 ETH. The average spot price of Ethereum at the time of this purchase was approximately $2,551.
The whale used the remaining $3.5 million to open a 3x leveraged long position on Ethereum. The entry price for this leveraged transaction was around $2,550.42.
Why are whales accumulating ETH?
Recently, the volatility in the price of Ethereum and the positive atmosphere in the markets continue to attract the interest of large investors. Such moves are generally perceived as a strong indicator that the market is in an upward trend. The whale's high-value spot and leveraged transactions could be significant indicators for Ethereum investors.
Particularly, comments suggesting that the ETH price could test important levels in the short term gain strength with such moves. Experts emphasize that investors should closely monitor whale movements.
