Ethereum Price Surges After $17.5M Stake, Institutional Accumulation?
It can’t be a coincidence that the price of Ethereum has surged to $4,000 again. Just 6 hours before the price surge, two multisig wallets with co-creator addresses withdrew their first ETH and staked it. Maybe some new institutions start to accumulate Ethereum. Their unrealized profit grew to $517,754 and then returned to $157,570 as the ETH price fell to $3,930.
collapse
Two multi-signature wallets 0x23a…Dad and 0xc9c…d04 A total of 4,502 ETH worth $17.54 was withdrawn from Binance. This is the first withdrawal from both wallets. Interestingly, both multi-signature wallets have a common creation wallet 0x7cf…617. Withdrawals were executed at ETH prices between $3,880 and $3,900. These tokens are then staked to KelpDAO.
Judging from the amount and timing of these transactions, these actions appear to belong to an institution. It captured Ethereum’s moves perfectly, with the coin reaching $4,022 just 6 hours later. The value of the staked tokens increased by 3%, creating an unrealized profit of $517,000. One thing to keep in mind is that multi-signature wallets are often used by institutions.
mysterious agency
It was not clear whether this was an institution or a new fund. The wallet has no history, so there is no way to track it. There are many possibilities.
These addresses could belong to a new fund, a DAO, or even a major investor testing the waters. One of the multisig wallets is 4 days old and the other was made 15 hours ago. Even their creator wallet originated 51 days ago.
Correlation with ETH price movements
The most interesting part of these trades is their timing. Whether the trade was made based on some analysis, the timing coincided perfectly with Ethereum’s recovery back to $4,000. Or vice versa? Are these transactions filled with market confidence, driving up prices? Whether this is a coincidence or a direct effect, the message is clear that the market is sensitive to major transactions.
market trend
At the time of writing, Ethereum is trading at $3,930, down 0.28% in the past 24 hours. Before falling, the coin was up 2.06% to $4,022. The price is facing rejection at higher levels, with the moving averages acting as the first line of defense towards support around $3,940. The RSI has followed the price action and has dropped to 53.19, still holding firm. No reason at the moment market falls. Trading volume increased by 11.26%, indicating that traders are showing interest.
What to expect?
Over time, we may discover who is behind this major Ethereum transaction, but what is certain is that following Bitcoin, there is institutional interest in ETH. Prices stabilized around $4,000. Wallets betting on ETH at this price level show the confidence of big investors in the cryptocurrency. We’re not sure if this is an institution, a new fund, a DAO, or a new big player entering the market. What do you think about this? Let us know.
