Ethereum Surges Above $2,700 as Two Whales Engage in $106.4 Million ETH Purchases
The Ethereum price has surged above $2,700 for the first time since January 31, driven in part by two large buyers who have collectively invested around $106.4 million in ETH over the past five days.
One of these whales, known as Hyperliquid, sold approximately $86.7 million worth of Bitcoin before using some of that money to buy nearly $86.5 million worth of Ethereum. This whale then staked all 34,422 ETH purchased, rather than reselling them on a platform.
The same whale had been active in the market earlier this month, selling around 602 BTC for 18,780 ETH on September 18 and subsequently adding another 15,642 ETH to its holdings. Another whale has also been buying Ethereum, exchanging approximately $32.17 million worth of USDC for ETH before withdrawing some of the funds from Binance.
The purchases made by these large wallets have contributed to a surge in Ethereum's price, which was trading at around $2,738 at the time of data release. This represents an 11% increase over the past thirty days and a 6% gain over the previous 24 hours.