Whales continue to place big bets on major cryptocurrencies such as Bitcoin, Ethereum and other major altcoins. This follows, the unidentified Ethereum whales are piloting their consistent response to Ethereum purchases, according to recent data from on-chain analytics platform Lookonchain.
According to data provided by the source, a single whale identified in wallet “0x9684” has secured a significant 122,691 ETH from Falconx’s hot wallet in just a week.
Previous data show that whales have consistently committed funds to accumulating large amounts of ETH over the past week. Meanwhile, the total ETH tokens acquired over the past seven days have exceeded $443 million.
Ethereum whales show market trust
The incredible accumulation drawn by the whales sparked debate across the crypto community as it demonstrates strong investors’ trust in cryptocurrencies, which are second-leading by city capital.
The latest ETH Big Move, played by a Whale, pulled a mass of 19,550 ETH from Falconx’s hot wallet on July 18th. In particular, the recent ETH that whales have won is worth around $70.7 million.
While the whale identity behind this aggressive accumulation remains private, the consistent outflow suggests a major institutional accumulation or strategic long-term positioning by well-known investors.
The enormous volume and speed of multiple Ethereum transactions carried out by whales raises eyebrows among market participants. Nevertheless, large Ethereum transfers have occurred over multiple days, recorded over a period of up to about 30,000 ETH in one portion during the period.
The largest ETH withdrawn by whales in the week included 28,000 large ETH worth around $97.17 million. The big move took place about 16 hours before the latest withdrawal. The market has experienced a proper fix at cryptocurrency prices, but the frequent buying activity of the day suggests that whales may be hurriedly buying dip before the next rise.
These prominent large transactions from a single whale further promoted more optimism among other participants.