Ethereum continues increasing in value as the cryptocurrency charts another 4% on the day and currently sits at $1,600. It appears that whales are stepping in for ETH, and someone is making particularly large purchases.
Tweeting from a sub-account, the CEO of cryptocurrency analytics resource CryptoQuant – Ki Young Ju – said that someone bought $1.7 billion worth of ETH futures contracts in an hour.
CryptoPotato recently reported that ETH whale addresses are also on the rise in the spot markets – these are entities holding between 1K and 100K ETH. They saw a sharp increase in the past few w weeks after bottoming in May.
The cryptocurrency is up around 60% in the past week – an increase that came after a member of the Ethereum Foundation – Tim Beiko – revealed a timeline that placed the Ethereum 2.0 Merge to happen on September 19th, barring unforeseen circumstances and under a ‘soft’ schedule.