The post Ethereum Price Surges After $17.5M Stake, Institutional Accumulation? appeared on BitcoinEthereumNews.com.

The price of Ethereum surged to $4,000 once again and it can’t be a coincidence. Just 6 hours before the price surge, two multisign wallets with a common creator address withdrew their first ETH and staked them. Has some new institution started accumulating Ethereum, maybe. Their unrealized profit grew to $517,754 before coming back to $157,570 as ETH price fell to $3,930.  The Break down Two multisign wallets 0x23a…dad and 0xc9c…d04 withdrew a total of 4,502 ETH worth $17.54 from Binance. This was the first withdrawal for both the wallets. Interestingly, both these multisign wallets have a common creation wallet 0x7cf…617. The withdrawals were executed between ETH price $3,880 and $3,900. These tokens were then staked to KelpDAO. Source : Spotonchain With the amount and timing of these transactions, it looks like these actions belong to some institution. It timed the movement of Ethereum perfectly as just 6 hours later, the token reached $4,022. The value of staked tokens rose by 3% creating an unrealized profit of $517k. One thing to keep in mind is that multisign wallets are commonly used by institutions. The Mysterious Institution It would not be possible to clearly state if this is some institution or a new fund. The wallets have no history and hence there is no way of tracking it. There are many possibilities. Source : X.com These addresses might belong to some new fund, or a DAO or even some major investor testing the waters. One of the multisign wallet is 4 days old and the other one is made just 15 hours ago. Even their creator wallet originated 51 days ago.  Correlation with ETH Price Movement The most interesting part of these transactions is their timing. Were the transactions made based on some analyses as the time aligns perfectly with Ethereum…

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Filed under: News - @ December 16, 2024 5:11 am