Crypto
$35M Ethereum Accumulation in Two New Wallets Sparks Institutional Interest
Two new wallets have accumulated a combined $35.2 million in Ethereum over the past 10 hours, according to data from BlockBeats.
The purchases were executed at an average price of $1,861 per ETH, signaling a notable large-scale acquisition in the Ethereum market.
Analysts suggest that the transaction patterns may indicate institutional involvement, possibly by a company other than Bitmine, which has previously made similar moves but not through Coinbase.
The accumulation comes at a time when Ethereum's price has been fluctuating around the $1,800, $1,900 range, and the use of newly created wallets suggests a deliberate strategy rather than random trades.