Simply put
- One significant wallet acquired $55 million in ETH from BitGo on Tuesday, followed by another $13 million from Binance a day later.
- This buying spree aligns with an 8% increase in Ethereum’s value, along with a general rise in Bitcoin and Solana after a downturn in early December.
- Data on derivatives reveals heightened taker buying volume and a boost in perpetual cumulative volume delta (CVD), hinting at a revived interest in leveraged long positions.
The leading Ethereum holder has come back into focus as prices rally following a massive liquidation exceeding $600 million on Monday.
On-chain data indicates that a major holder purchased 18,345 ETH, valued around $55 million, from BitGo on Tuesday, as reported by analytics platform Arcam Intelligence.
Additionally, this holder acquired 4,597 ETH for about $13 million from Binance early Wednesday, while another investor snatched up 30,278 ETH, totaling about $91.16 million, from Kraken just hours earlier.
These transactions happened alongside a recovery from the early December slump, causing Bitcoin, Solana, and various other digital currencies to increase in value.
Ethereum has surged over 8% in the past day, currently trading at about $3,015, according to CoinGecko. Bitcoin is up 7% while Solana has risen more than 10%.
Moreover, expectations for continued price increases are bolstered by a significant rise in taker buying volume—recorded at $148.7 million across exchanges on Tuesday.
A report from Tuesday noted that this demand indicated “strong signs of aggressive market buying.” This sentiment was shared by Maarten Regterschot, a Certified Analyst at CryptoQuant.
Conversely, it seems that the cumulative volume delta for futures is outpacing that of spot trading.
The data suggests that when both perpetual CVD and open interest (which reflects total open orders) are on the rise, it often points to investors opening new long positions.
“As more digital assets trade below their net asset value, institutional players will likely be drawn to discounted Ethereum, leading to more acquisitions,” stated Stephen Gregory, founder of the crypto trading platform Vtrader.
He added, “I think the correction phase is over, and macro factors will likely drive Ethereum higher again.”
