Ethereum Whale on an Accumulation Spree, Bags 300,000 ETH in Past Few Weeks
- Whale driving the Ethereum prices up or down?
- An Ethereum whale seems to be on an accumulation spree.
First, on July 14, the Ethereum whale set a buy order of 15,000 ETH on Bitstamp, speculated to have caused a market crash that led to a slump in Bitcoin price from $10,000 to $9,100 while Ethereum lost $100 in its value.
Su Zhu, the CEO of Three Arrows Capital initially pointed out how an Ethereum whale has been accumulating ETH for the last couple of weeks.
Auto-liquidation w/ no-KYC vs margin call w/ KYC — some may start to re-evaluate Peer-to-Contract vs Peer-to-Broker. pic.twitter.com/Ek2j6fy0on
— Su Zhu (@zhusu) July 15, 2019
Following this sell order, on July 17, the Ethereum whale made a comeback and set another buy order of about 21,000 ETH on Binance this time.
This massive wall of buy order might have been contributing to the spike in Ether price from $199 to $221. This surge managed to restore about half of the lost value in the previous crash.
Zhu again took to Twitter to share the screenshot of the buy orders placed on Binance.
— Su Zhu (@zhusu) July 18, 2019
This accumulation spree of the Ethereum whale per Zhu’s calculation has resulted in the whale acquiring about 300,000 ETH, an equivalent of 7,000 BTC that worth around $70 million at $10k per BTC rate.
A massive order like such can be expected to spark some fire in Ethereum price. Yesterday, in a matter of minutes, Bitcoin surged above $10,000 and the entire market turned green. Ethereum went from $206 to $225 and by the end of the day, it was trading at 230.
This has people speculating whether it was to pump Eth price or dump it. The ETH buy orders, meanwhile, started getting filled soon after the placing.
Speculating ETH whales’ behavior and its effect on price, Source: https://twitter.com/kerneltrader
Currently, the second-largest cryptocurrency with a market cap of $23 billion is up almost 3 percent against USD at $216 while down by 5.77 percent against BTC at 0.0209฿.