The world’s second largest cryptocurrency by market capitalization Ethereumrecently witnessed a significant increase in the purchasing activity of “smart money” wallets.
Known for their outstanding trading performance, these wallets have even demonstrated a remarkable 90% win rate, making almost every transaction extremely profitable. This influx of smart coin purchases comes just before the expected staking contract unlocking, which could affect the price of Ethereum in various ways.
Koinfinans.com As we reported, Ethereum is trading at $ 1,889 at the time of writing. It breaks the ascending channel, indicating a potential uptrend. The increasing buying pressure of smart money wallets could be a contributing factor to this upward momentum. These high-performing wallets are often run by experienced and knowledgeable traders who recognize and act upon lucrative investment opportunities.
A $GMX whale bought 60,958 $GMX with 2,568 $ETH ($4.9M) at a price of $80 again 4 hrs ago.
NEWS CONTINUES BELOWThe whale bought 41,362 $GMX with 1,851 $ETH ($3.3M) at a price of $79.2 on Mar 14.
And received 6,324 $GMX($472K) from #Binance at $74.6.
NEWS CONTINUES BELOWCurrently holds 108,644 $GMX($8.76M). pic.twitter.com/EPkiGognzl
— Lookonchain (@lookonchain) April 5, 2023
The staking contract unlock, which is expected to happen soon, could affect the price of Ethereum both positively and negatively. On the one hand, ETH As users who stake their token gain access to their assets, the unlock event could lead to increased selling pressure and potentially cause a temporary price drop. On the other hand, unlocking adds more control over staked funds in the network, adding to the overall security and convenience of the network.
The recent surge in Ethereum smart money purchases, cryptocurrency serves as a strong indicator of the unit’s growth and profitability potential. As these high-performing wallets continue to invest in Ethereum, their actions could encourage other market participants to do the same, potentially pushing the price higher. However, sometimes professional traders trade at a fairly high frequency and make moves beyond the expertise of beginners. Therefore, blindly following their trades can lead to significant losses.