The @lookonchain platform tracking major crypto transactions is a remarkable whale transaction reported. According to the shared data, a whale recently bought a large amount of Ethereum from two major exchanges. Moreover, these transactions took place while the price of the leading altcoin was recovering. Details are here.
Remarkable ETH purchase from the whale
The whale in question bought a total of 47,729 Ethereum from Coinbase and Gemini exchange, for which it paid approximately $ 80 million. According to a screenshot shared by Lookonchain, three separate purchases were made while the price rose, and the amount of these purchases is as follows: 14,871 ETH, 16,535 ETH and 10,214 ETH.
We found a whale bought a total of 47,729 $ETH ($79.2M) from #coinbase and #Gemini during this $ETH price increases.
And still bought 6,108 $ETH ($10.1M) after the $ETH price dropped today.https://t.co/BbSvjsT2st pic.twitter.com/JMa7NTWPeo
NEWS CONTINUES BELOW— Lookonchain (@lookonchain) February 17, 2023
However, after the altcoin price dropped to $1,663 earlier today, two more purchases took place.
Why did the whale buy while the price was rising?
Whales generally prefer to buy at the bottom when the price is falling. On the other hand, contrary to the whale in question, the leading altcoin seems to have bought while recovering. The most likely reason for this could be the Shanghai update.
The whale may have bought thinking that this update will positively affect the ETH price. Coins staked in the Ethereum 2.0 deposit contract will be released after the update, which is expected to take place in February, takes place. It is also expected to lower transaction fees and enable the Ethereum network to process more transactions than it can currently handle.
Finally, it’s worth mentioning: some investors expect the price to drop once all staked ETHs are released.
You can follow the current price action here.