Ethereum has staged a strong comeback, surging past the $2,800 mark driven by notable whale activity. In the past 24 hours alone, seven major players have acquired 127,971 ETH worth around $358 million.
Whale and Institutional Activity
One of the most significant movements came from a newly created wallet, 0x35fb, which withdrew 54,125 ETH (valued at $151 million) from Kraken in the last 16 hours. This transaction accounts for nearly 42% of the total ETH acquired by whales in the past day.
Hedge fund Abraxas Capital also made waves by moving 40,986 ETH ($114 million) from Binance and Kraken, likely into cold storage, signaling long-term holding intentions.
Strategic Moves of Big Money
Retail may be cautious, but smart money isn't. The GMX hacker wallet recently consolidated $32 million worth of assets into 11,700 ETH. Other whale wallets, such as 0x8C08 and pfm.eth, spent $25 million and $8 million USDT respectively to buy ETH at average prices between $2,721 and $2,759.
Overall Trends in the Ethereum Market
The movement of large assets into DeFi platforms may indicate a desire to earn passive yield while holding ETH. This series of large-scale movements reveals not just accumulation, but strategic positioning—potentially ahead of a broader rally or favorable macro developments in the crypto space.
Recent activities of whales and institutional investors highlight the growing interest in Ethereum and its potential both in the short and long term.
