In recent days, Ethereum has gained attention due to a large purchase by an unknown institutional player accumulating a significant amount of tokens.
Ethereum Purchases in the Last Day
An unknown buyer has added 49,533 Ethereum worth about $212 million to their holdings, according to blockchain tracker Lookonchain. The total purchases over the past week reached 221,166 Ethereum, valued at nearly $947 million.
Sources and Volumes of Acquisitions
The tokens were acquired from large trading desks and custodial services, including FalconX, Galaxy Digital, and BitGo. This pattern has been consistent since the buyer first drew attention on August 8, when they had already built a reserve of 171,015 Ethereum across six newly created wallets.
Market Impact of the Purchases
The buying spree comes as Ethereum tests the $3,900 level again and hit a new local high of $4,300. Increased trader confidence in Ethereum as a cornerstone for decentralized finance and institutional use significantly contributes to this process. Analysts note that such large accumulations could lead to further tightening of short-term supply in the market.
The unknown Ethereum buyer continues accumulating tokens, highlighting the growing confidence in cryptocurrency among institutional players, which could result in significant changes in the market.
