Ethereum Whale Amasses $100 Million in ETH Amid Market Dip

A significant Ethereum whale has been making waves in the market by accumulating nearly $100 million worth of ETH over the past two months. According to blockchain tracker Lookonchain, this whale has been buying up large quantities of Ethereum since May 24th, with an average purchase price of $2,420.

The 'smart money' behind these purchases has a perfect track record of profitable trades, having scooped up about $70 million in ETH since late May. The whale's current unrealized profit stands at a cool $7.5 million.

But where is all this ETH coming from? Binance, the largest crypto exchange, is the source of these purchases, with on-chain data revealing that the whale has bought 19,436 ETH ($68.25 million) at $3,511 since May 29th!