Ethereum Surges 10% to $2,800 as Whales Buy $358M in 24 Hours

Ethereum has experienced a significant rebound, with its price surging past the $2,800 mark. This price movement is largely attributed to substantial whale activity, where seven major players—including both institutional investors and anonymous whales—have acquired approximately 127,971 ETH, valued at around $358 million, within the past 24 hours. This surge in activity indicates a growing confidence in Ethereum's short-term potential.

One of the most notable transactions involved a newly created wallet, 0x35fb, which withdrew 54,125 ETH, valued at $151 million, from Kraken within the last 16 hours. This single transaction accounts for nearly 42% of the total ETH acquired by whales in the past day, highlighting the scale of the accumulation.

Institutional players have also been actively involved in these movements. Abraxas Capital, a hedge fund, transferred 40,986 ETH, worth $114 million, from Binance and Kraken, likely into cold storage, suggesting long-term holding intentions. Additionally, SharpLink Gaming, an institutional holder of over 205,000 ETH, added another 5,072 ETH, valued at $13.51 million, through an over-the-counter (OTC) transaction. These strategic buys align with a broader trend of institutions consolidating their crypto positions, potentially in preparation for a bullish run.

Smart money, including the GMX hacker wallet, has also made significant moves. The GMX hacker wallet consolidated $32 million worth of assets into 11,700 ETH, demonstrating confidence in Ethereum's liquidity and utility. Other whale wallets, such as 0x8C08 and pfm.eth, spent $25 million and $8 million USDT respectively to buy ETH at average prices between $2,721 and $2,759. Another whale, 0x3c9E, moved 4,000 ETH from Kraken into DeFi platforms like Aave and Compound, possibly aiming to earn passive yield while holding.

These large-scale movements reveal not just accumulation but strategic positioning, potentially ahead of a broader rally or favorable macro developments in the crypto space. The institutional and whale movements over the past day have significantly contributed to Ethereum’s price action, driving it above the $2,800 mark.