2024-12-17 10:42 |
Ethereum ($ETH) is witnessing substantial institutional interest, as significant transactions highlight ongoing accumulation.
Nine hours ago, two multisignature wallets linked to the same creator withdrew their first 4,502 $ETH (worth $17.54 million) from Binance at an average price of $3,895. These tokens were subsequently staked with @KelpDAO. As $ETH’s price rebounded above $4,000, this move netted the wallets an estimated $517,000 profit (+3%).
An institution is accumulating $ETH!
9 hours ago, two multisign wallets with the same creator address withdrew their first 4,502 $ETH ($17.54M) from #Binance at ~$3,895 and then staked the tokens with @KelpDAO.
Now, they are up $517K (+3%) as the $ETH price rebounded over $4K.… pic.twitter.com/NFr1D2D2TI
— Spot On Chain (@spotonchain) December 16, 2024
In another high-profile transaction, Justin Sun, the founder of Tron, applied to withdraw 52,905 $ETH ($209 million) from Lido Finance an hour ago. This withdrawal is part of the 392,474 $ETH ($1.19 billion) he reportedly accumulated through three wallets between February and August at an average price of $3,027. Based on current prices, this stash now yields an estimated $349 million profit (+29%).
Sun’s past actions add an intriguing layer to his strategy. On October 4, 2023, he unstaked 80,251 $ETH ($131 million) from Lido Finance and transferred it to Binance over the next four days. Shortly after, Ethereum’s price dropped by 5%, signaling a calculated approach to market movements.
Justin Sun (@justinsuntron) applied to withdraw 52,905 $ETH (now $209M) from #LidoFinance an hour ago.
This is part of the net 392,474 $ETH he allegedly bought at ~$3,027 ($1.19B) via 3 wallets from Feb-Aug, now having an est. total profit of $349M (+29%).
Note that on Oct 4,… https://t.co/r5z7l8YSUq pic.twitter.com/GAalq1imjO
— Spot On Chain (@spotonchain) December 16, 2024
Meanwhile, Ethereum spot ETFs have experienced record inflows. From December 9 to December 13, net inflows reached $855 million, setting a new weekly high. BlackRock’s ETHA ETF led with $523 million in inflows, followed by Fidelity’s FETH ETF, which recorded $259 million.
Ethereum spot ETF had a net inflow of $855 million in the last trading day (December 9 to December 13, US Eastern Time), reaching a record high of weekly net inflow. Blackrock ETF ETHA had a weekly net inflow of $523 million, and Fidelity ETF FETH had a weekly net inflow of $259… pic.twitter.com/HOO1pE6nsr
— Wu Blockchain (@WuBlockchain) December 16, 2024
These developments underscore Ethereum’s growing appeal among institutions, bolstered by staking opportunities, strategic whale activity, and rising ETF investments. As $ETH consolidates above $4,000, this momentum could drive further gains, reaffirming its position as a cornerstone of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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