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An inactive major investor, referred to as a “sleeping whale,” has acquired 50,706 ethers for 111.62 million USDT. The average purchase price was $2201 per ETH, according to recent data from Arkham.
This marks the first activity from this unidentified investor in the past seven months. The funds for this acquisition were obtained a year ago during a bullish market cycle when the trader liquidated all their ethers at an average price of $3892. Currently, the “whale” is anticipating a price increase for the token and has chosen to enter the market at a lower price point, analysts from Lookonchain suggested.
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This week, another trader purchased 23,393 ethers for $49 million USDT. A year prior, this individual sold 12,886 ETH at a price of $3324 per coin. Lookonchain analysts speculated that the wallet might belong to ShapeShift founder Erik Voorhees, although he later publicly dismissed this theory.
Analysts from the transaction monitoring group EmberCN noted another investor—a significant Bitcoin holder—who sold 1000 BTC for $71.6 million. Experts indicated that this investor acquired approximately 5000 BTC in 2013 at an average price of around $332 per coin. After thirteen years, they have begun to realize profits.
Over the past four weeks, exchange-traded funds (ETFs) linked to the price of ether have seen an influx of capital, reported the SoSoValue platform. In the last week, $174.15 million was invested in fund shares, while the previous week saw $160.82 million. Prior to this, there had been a net outflow of funds from ether ETFs for five consecutive weeks. A similar trend has been observed with shares of funds tied to the price of Bitcoin.
According to analysts at Bitwise, the price dynamics of ether are 65% dependent on Bitcoin’s price. They identified a nearly linear relationship: for every 1% change in Bitcoin’s price, ether responds with a movement of approximately 0.99% in the same direction.
