A crypto whale’s recent decision to hoard $110 million in Bitcoin & Ethereum has rattled the broader crypto market amid a bullish trend brewing lately. On Monday, April 28, whale metrics by a tracker signaled that roughly $56 million worth of BTC and $54 million worth of ETH was acquired by an OTC exchange intraday. In response, traders and investors eye sustained price gains in the cryptos, whilst the flagship coin is already up over 7% weekly, and Ether is up nearly 9% in the same duration.
Crypto Whale Bets Heavily On Bitcoin & Ether Signalling Big Move Ahead
Lookonchain’s latest X post revealed that a crypto whale has seemingly purchased $110 million in Bitcoin & Ether via separate addresses. As per the data, this whale stacked up 600 BTC, worth $56.7 million, via the OTC exchange Wintermute.
Furthermore, the whale used another address to purchase 30,000 ETH, worth $54 million, via the same OTC exchange. The endgame? This massive buying, underscoring rising market interest and buying pressure on the assets, has ignited optimistic speculations about prices amid a broader bullish landscape.
Notably, BTC price is up over 7% in the past seven days and is currently sitting at the $94K level. On the other hand, even Ethereum’s price surged over 9% in the past 7 days, closing in at the $1,800 level. These broader rising price trajectories have solidified investors’ hope for a bull run in the pipeline when coupled with the massive crypto whale accumulation.
Here’s What Analyst Has To Say
Besides, renowned market analyst Ali Martinez has recently revealed that roughly 100 new entities holding over 1000 Bitcoins have joined the network since January. This data has further propelled bullish sentiments, underscoring rising market interaction with the flagship crypto in tandem with the massive whale accumulation.
Even the BTC accumulation trend score started to approach 1, suggesting intense accumulations and strong holder conviction for the coin across the sector. The direct response to these bullish dynamics is that market watchers are now eyeing phenomenal price gains ahead.
On the other hand, CoinGape reported the previous week that crypto whales bagged ETH worth $100 million, ushering in similar bullish sentiments of a price rally ahead.
The post Crypto Whale Bets $110M In Bitcoin And Ethereum: Details appeared first on CoinGape.
