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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Currently, this wallet has withdrawn 2,685 ETH ($5.78 million) from Binance and borrowed 4.25 million DAI.”
At time of writing, ETH is trading for $2,252, up 10% in the last seven days.
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Generated Image: Midjourney
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