Ethereum News Today: ETH Price Surges 20% as Whales Accumulate $1.4 Billion in ETH

This week, several on-chain addresses have accumulated a total of 391,000 ETH, valued at approximately $1.4 billion. This significant accumulation has been driven by various factors, including massive net inflows into Ethereum ETFs and a US stock company's ETH treasury plan, among other "aggressive accumulation" initiatives. The price of ETH has risen from $3,000 to break through $3,600 as a result of these activities.

One of the notable accumulators is SharpLink Gaming, often referred to as the "ETH version of MicroStrategy." This entity purchased 88,800 ETH this week, valued at $293 million, at an average price of $3,305. This acquisition brings SharpLink Gaming's total ETH reserve to 358,000 ETH.

In addition to SharpLink Gaming, several other whales have been actively accumulating ETH. One whale accumulated 122,691 ETH through FalconX, valued at $442 million, at an average price of $3,213. Another whale accumulated 103,274 ETH through Kraken, valued at $374 million, at an average price of $2,885. A third whale accumulated 47,121 ETH through FalconX, valued at $169 million, at an average price of $3,545.

Furthermore, two additional whales made significant purchases using USDT. One whale used 64.04 million USDT to purchase 18,557 ETH, at an average price of $3,451. Another whale used 36.6 million USDT to purchase 10,882 ETH, at an average price of $3,363.

These accumulations indicate a strong bullish sentiment towards ETH, with major players and whales increasing their holdings significantly. The aggressive accumulation strategies employed by these entities suggest a belief in the long-term value and potential of ETH, despite the volatility in the cryptocurrency market. The substantial investments made by these addresses could potentially influence the market dynamics and price movements of ETH in the coming weeks.