In a significant cryptocurrency market move, a whale or institutional investor has purchased 18,557 Ethereum (ETH) worth approximately $64 million, demonstrating robust confidence in the digital asset.
The transaction was executed over two days at an average price of $3,451 per ETH. Funding came from 47.28 million USDT withdrawn from major exchanges Cryptocom and Cumberland, facilitating the substantial acquisition.
The investor further leveraged their position by borrowing 16.75 million USDT through decentralized lending platform Aave, using their existing ETH holdings as collateral to amplify their exposure to Ethereum.
Following these transactions, the entity now holds roughly 38,000 ETH with an estimated total value of $135 million.