Whales and institutions recently acquired Ethereum (ETH) worth nearly a billion dollars, according to on-chain data.
Blockchain analytics platform Lookonchain says whales and institutions that include the Ethereum treasury company Bitmine purchased 218,750 ETH worth approximately $942.8 million earlier this week.
“Bitmine bought 69,603 ETH ($300 million) from BitGo and Galaxy Digital. Five newly created wallets bought 102,455 ETH ($441.6 million) from FalconX.”
On Wednesday, Lookonchain said a large Ethereum holder withdrew tens of thousands of ETH from the OKX crypto exchange in a matter of days.
“Whales keep accumulating ETH!
An unknown entity withdrew 5,100 ETH ($22.02 million) from OKX via wallet 0x3e64. Over the past five days, this entity has withdrawn 42,681 ETH ($185 million) from OKX via three wallets.”
The blockchain analytics platform also spotted three newly created wallets withdrawing a combined 51,000 ETH from the Binance crypto exchange earlier this week.
“Two newly created wallets withdrew 34,000 ETH ($151 million) from Binance and deposited it into [decentralized finance platform] Aave… A newly created wallet 0xbb10 just withdrew 17,000 ETH ($75.22 million) from Binance.”
As various whales and institutions were accumulating Ethereum, Lookonchain spotted the Ethereum Foundation, a nonprofit charged with supporting the development of the second-largest crypto asset by market cap, disposing of a fraction of its ETH holdings to meet operational and other needs.
“The Ethereum Foundation deposited 10,000 ETH ($42.7 million) into Kraken and will sell it to fund research & development, grants, and donations.
The Ethereum Foundation public wallets currently hold 224,800 ETH ($1.05 billion).”
Ethereum is trading at $4,443 at time of writing.
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