Analytics data recently shared by multiple sources unveils that whales have begun hunting Ethereum down and withdrawing it from crypto exchanges into their cold storage vaults.
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Institutions go on buying spree as ETH rockets
Over the past 24 hours, the second-largest digital currency, Ethereum, has skyrocketed by approximately 33% – in just a single day, ETH went up from $1,810 to $$2,414 earlier today. Last time, ETH traded at this level in early March this year.
After the surge, a rebound pushed ETH slightly down, giving it a decrease of 3.35%. At press time, Ethereum is changing hands at $2,336.
Meanwhile, analytics account on X Lookonchain has reported that after this massive price jump, Abraxas Capital Management, which has specialized in digital assets since 2017, continued to accumulate Ethereum. Today, it purchased and withdrew 61,401 ETH worth $116.3 million from various crypto exchanges.
On Thursday, the same fund manager bought 49,644 ETH from Binance for roughly $92 million.
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World Liberty Financial grabs 1,587 ETH
Aside from that, data aggregating company Senora (IntoTheBlock rebranded) published statistics showing that for the third consecutive week, whales have been emptying cryptocurrency exchanges of Ethereum. Total outflows over the past weeks comprise $559 million.
Besides, a major player has also stepped in to buy Ethereum today; Donald Trump-affiliated World Liberty Finance acquired 1,587 ETH for roughly $3.5 million. It also added 9.7 WBTC worth $1 million to its cryptocurrency holdings.
