The recent surge of Ethereum has drawn attention from analysts and investors. The cryptocurrency has risen above the $2800 mark, linked to significant purchases by institutional investors.
Institutional Purchases
According to Lookonchain X, in the last 24 hours, seven major investors or institutional addresses acquired 127,971 ETH worth approximately $358 million, pushing the price above $2800.
The newly created address 0x35fb withdrew 54,125 ETH (around $151 million) from Kraken.
Abraxas Capital withdrew 40,986 ETH (valued at $114 million) from Binance and Kraken.
SharpLink Gaming, holding 205,634 ETH (approximately $575 million), purchased an additional 5,072 ETH for $13.51 million.
Other notable purchases include the hacker of GMX converting assets worth $32 million into 11,700 ETH and the 0x8C08 buying 9,188 ETH for $25 million.
Expert Predictions
Amid rising interest in Ethereum, BitMEX co-founder Arthur Hayes shared an optimistic prediction. In a post on his X account, he expressed belief that Ethereum could reach up to $10,000.
Hayes stated, "It’s time for a big rally for ETH," and added:
> "Arise Chikun, it’s time…[$ETH] = $10,000"
These comments are fueling expectations for Ethereum's future potential and suggest that the current rise could just be the beginning.
Conclusion
The growth of Ethereum linked to substantial institutional purchases raises the question of whether the cryptocurrency can continue its ascent to new heights. Predictions like those from Arthur Hayes contribute to market optimism, yet the future trajectory remains influenced by various factors within the broader crypto landscape.
The latest data on institutional capital and expert forecasts may indicate the potential for significant growth in Ethereum's future; however, further market fluctuations remain a reality.
