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Who Is Buying Ethereum? Mysterious Institution Accumulates $1 Billion in ETH
In recent days, there has been a significant surge in interest in the world of cryptocurrencies, particularly with regards to Ethereum. This increased demand is not surprising given the 64.38% growth the token has experienced within the last 90 days, outpacing Bitcoin’s 10.72% growth over the same period.
Recent records have shown that an unknown institution has acquired a staggering $946 million worth of Ethereum from various market players, including FalconX, Galaxy Digital, and BitGo. This unprecedented move has sent shockwaves throughout the crypto community, with many left wondering who is behind this massive purchase.
The data shows that this mysterious buyer started making their purchases on August 4th, acquiring a total of $361 million in ETH from the aforementioned sources. The institution then went back to the market and bought another $40 million ETH before doubling down again and buying an additional $40.7 million ETH. Finally, just hours ago, it was reported that this same buyer purchased yet another $212 million ETH.
This aggressive accumulation strategy has garnered significant attention in the crypto market, particularly with regards to the rapid acceleration of activity seen within the last 24 hours. The timing of these purchases is also notable, occurring immediately after Ethereum’s market value reached a staggering $523 billion following a 21% increase in Ether’s price over the last week.
While the identity of this massive buyer remains unknown, it is clear that institutional investors are increasingly shifting their focus to Ethereum as the token continues to outpace other major cryptocurrencies.
Source: www.tronweekly.com
