Whale Rapidly Accumulates Nearly $53,000,000 Worth of Ethereum and Wrapped Bitcoin: Lookonchain

By The Daily Hodl February 10, 2024 In Bitcoin, Chainlink, Ethereum, Wrapped Bitcoin

A single crypto whale has gobbled up nearly $53 million worth of Ethereum (ETH) and Wrapped Bitcoin (WBTC) since December 21st, according to the blockchain tracker Lookonchain.

Lookonchain notes that the whale spent 20 million of the stablecoin USDC earlier this week to buy $10 million worth of ETH and $10 million worth of WBTC.

USDC is the second-largest stablecoin by market cap and aims to maintain a 1:1 peg to the US dollar.

Since December 21st, the whale has purchased a total of 13,843 ETH, at an average price of $2,388, and 461 WBTC at an average price of $43,168.

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WBTC is an ERC-20 token pegged to the price of Bitcoin (BTC), allowing traders to speculate on Bitcoin while staying within the Ethereum ecosystem. The 17th-ranked crypto asset by market cap is trading at $43,530 at time of writing. ETH is trading at $2,411 at time of writing.

A mysterious crypto whale or institution also appears to have recently been accumulating the native asset for decentralized oracle network Chainlink (LINK), according to Lookonchain.

The crypto tracker reports that the whale or institution withdrew 2,745,815 LINK worth $49.9 million from the top crypto exchange Binance via 49 new wallets.

LINK is trading at $18.47 at time of writing. The 13th-ranked crypto asset by market cap is up more than 18% in the past seven days and more than 28% in the past month.

Generated Image: Midjourney

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