Unknown entities are reportedly accumulating billions of dollars worth of the second-largest digital asset by market cap via crypto exchange platforms.
In a post on the social media platform X, Wu Blockchain reports that Chinese on-chain analyst EmberCN says unknown deep-pocketed investors have gobbled up billions of dollars worth of Ethereum (ETH) from crypto exchanges in about a month, contributing to its recent price hike.
“According to EmberCN, since July 10, over 1.035 million ETH ($4.167 billion) have been accumulated by unknown whales or institutions via exchanges and institutional platforms.
During the same period, ETH rose 45% from $2,600 to $4,000, with most of the holdings likely belonging to institutions or U.S.-listed firms holding ETH reserves (excluding the known SBET address). The average purchase price was about $3,546.”
Though no data is available on which firms bought the ETH, EmberCN reveals the Ether bought during that time frame was purchased en masse over Kraken, Binance, Coinbase, BitGo, Falcon X and Galaxy Digital.
Recently, widely followed crypto analyst Benjamin Cowen told investors to expect Ethereum to rise to a new all-time high by December and possibly reach a market cycle top by January.
Meanwhile, Fundstrat’s Tom Lee said last week that Ethereum has the potential to become “one of the biggest macro trades of the decade,” predicting that it will end the year with a price tag of between $7,000 and $15,000.
Ethereum is trading for $4,260 at time of writing, a 6.4% increase during the last 24 hours.
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