A small group of cryptocurrency whales have recently made significant purchases of Ethereum (ETH), suggesting that the largest crypto holders may be becoming more optimistic about the second-largest digital asset in terms of market capitalization.
According to the crypto tracker Lookonchain, a whale wallet, which is potentially owned by Tron (TRX) founder Justin Sun, withdrew 4,666 ETH worth $14.91 million from the leading crypto exchange Binance on Monday. Since April 8th, this whale had already purchased 132,054 ETH worth $420 million.
Another whale wallet withdrew 7,182 ETH worth $23.06 million from Binance on Monday, as reported by Lookonchain.
Furthermore, a third whale wallet withdrew 11,892 ETH worth $37.77 million from Binance on Sunday and Monday, and then took a long position on Ethereum by depositing ETH into the lending platform Compound (COMP) and borrowing the top stablecoin USDT.
The crypto tracker also highlights that a fourth wallet withdrew 5,181 ETH worth $16.28 million from Binance over the weekend and utilized the Ethereum to stake it in the non-custodial liquid restaking protocol Bedrock and the decentralized finance (DeFi) project Pendle (PENDLE).
At the time of writing, ETH is trading at $3,215. Over the past seven days, the second-ranked crypto asset by market cap has seen an increase of more than 4%, but it has declined by nearly 7% in the past month.
