Giant Whale Accumulates 41,779 Ethereum (ETH) Worth $76,800,000 Since September: On-Chain Data

A large entity has been spotted buying up massive amounts of Ethereum over the past two months as ETH makes moves to the upside, according to blockchain tracker Lookonchain.

Lookonchain says that a “giant whale” has accumulated over $76.8 million worth of ETH since September and is in profit by more than $13 million.

“This giant whale borrowed another 2 million DAI and bought 921 ETH at $2,171…

This whale has bought 41,779 ETH ($76.8 million) from Binance and DEX (decentralized exchange) since September 19, with an average buying price of ~$1,838.

The profit is ~$13.3 million at current price.”

According to Lookonchain, the giant whale appears to be continuously borrowing the decentralized stablecoin DAI to make many of their ETH purchases.

The firm also spotted another entity that recently created a new wallet. According to the blockchain tracker, the deep-pocketed investor built a large position for itself before ETH ignited rallies. Lookonchain says that the whale started by depositing their ETH in the DAI-focused borrowing and lending platform Spark before ultimately going long on Binance.

“We noticed a fresh wallet is long ETH on Spark before the price of ETH increased.

Deposit ETH to Spark;
Borrow DAI and swap to USDT;
Deposit USDT to Binance to buy ETH.

Currently, this wallet has withdrawn 2,685 ETH ($5.78 million) from Binance and borrowed 4.25 million DAI.”

Source: Lookonchain/X

At time of writing, ETH is trading for $2,252, up 10% in the last seven days.

Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

This article was originally reported on The Daily Hodl.