A large whale has accumulated over 63,800 ETH equivalent to $232 million through two trading platforms, FalconX and Galaxy Digital, within one day.
The three new wallets created through BitGo Wallet Factory received a total of 63,838 ETH at an average purchase price of about $3,640 per ETH.
MAIN CONTENT
An organization/whale executed the accumulation of 63,838 ETH within 24 hours.
The timing and average purchase price of ETH recorded was $3,640.
Using three new wallets created from BitGo Wallet Factory to transfer funds.
How much ETH has a whale or organization accumulated and through which platforms?
A report from on-chain analyst Ember confirms that in the last 24 hours, a whale or organization has accumulated up to 63,838 ETH, equivalent to $232 million. The accumulation of ETH took place through two trading platforms, FalconX and Galaxy Digital, which specialize in providing services to large clients and organizations in the cryptocurrency market.
This is a large-scale accumulation activity, indicating strong interest at around $3,640/ETH.
Which wallets are used to execute transactions and how do they operate?
To perform these transactions, three new wallet addresses have been created through BitGo's Wallet Factory service — a unit that provides professional cryptocurrency wallet storage and security solutions. These three wallets then received the total ETH from two exchanges, FalconX and Galaxy Digital, ensuring security and appropriate asset allocation.
Creating multiple wallets helps to spread risk and increase privacy for large transactions.
"Accumulating a large amount of ETH reflects confidence in the long-term growth potential of Ethereum amidst market volatility."
Nguyen Van An, Cryptocurrency Market Analyst, 2024
What is the average price and impact of this transaction on the market?
The average price of ETH purchased is $3,640, reflecting an important support level in the transaction. Large-scale ETH accumulation activities are often positive signals that can drive price increases and attract more large investors. This move also shows confidence in the whales' long-term investment strategy for ETH.
Recent market analysis has indicated that large-scale transactions like this can create a certain weight in shaping short-term price trends.
What role do the created wallets play in ensuring safety and privacy?
BitGo Wallet Factory offers a mechanism for creating multiple new wallets with high security and multi-signature management capabilities. This helps whales or organizations diversify their assets, reduce risks from attacks, and protect privacy when transacting.
Using multiple new wallets helps make transactions more transparent and secure when managing large investments in the cryptocurrency market.
Frequently Asked Questions
How does large-scale ETH accumulation affect market prices?
This is often a positive signal that can drive prices up due to high demand from large investors.
What is BitGo Wallet Factory and what are its benefits?
BitGo Wallet Factory is a multi-signature wallet creation service that enhances security and privacy when managing cryptocurrency assets.
Why do whales create multiple wallets instead of using a single wallet?
To spread risk, increase security, and protect transaction information from exposure.
What roles do FalconX and Galaxy Digital play in this transaction?
These two platforms provide trading and liquidity services for organizations and cryptocurrency whales.
What does a purchase price of $3,640 for ETH mean?
This is the average price in the transaction, representing an important support point and expectations for long-term price growth.
Source: https://tintucbitcoin.com/whales-eth-accumulate-63-838-eth/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!
