Yuri Molchan
When the price of Ethereum increased this week, nearly $90 million was purchased.
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On the rise, a whale added 54,000 ETH.
Is whale investing in ETH before Shanghai?
A whale recently purchased a large amount of Ethereum from two major exchanges, according to the @lookonchain platform that tracks “smart money” crypto transactions. He did so despite a brief price increase earlier this week.
On the rise, a whale added 54,000 ETH.
The aforementioned investor purchased 47,729 Ethereum from the Coinbase and Gemini exchanges for nearly $80 million.
According to a screenshot shared by @lookonchain, there were three purchase transactions totaling 14,871 ETH, 16,535 ETH, and 10,214 ETH. This happened on February 15 and 16, when the price of ETH briefly reached $1,680.
After the price dropped to $1,663 earlier today, two more purchases were made. According to CoinMarketCap data, Ethereum is currently trading at $1,662.
— Lookonchain (@lookonchain) February 17, 2023
Is whale investing in ETH before Shanghai?
One possible explanation for these purchases despite price fluctuations is that the whale expects the ETH price to rise after the Shanghai upgrade is implemented.
Coins staked in the Ethereum 2.0 deposit contract will be released after Shanghai, which is expected in February. It is also expected to lower transaction fees and allow the Ethereum network to handle more transactions than it currently can.
Many investors, however, anticipate a sharp drop in price once all of the staked ETH is released onto the market.
