Whale makes a major purchase this morning: $34.69 million in USDC swapped for 15,000 ETH
- According to on-chain analyst Ember, as monitored and cited by PANews at 08:37 Beijing time on November 2, about 10 minutes ago an address bought 15,216 ETH on-chain using 34.69 million USDC, at an average price of around $2,279.
- Key details: The USDC used for this purchase had just been withdrawn from the Kraken exchange by the address this morning. The funds were withdrawn and then used to buy immediately. The clear flow of funds suggests a deliberate on-chain position build, rather than an internal exchange transfer.
- Market context: ETH is trading around $2,280 and BTC around $78,000. The market is still digesting the Binance hack, and spot ETH ETFs had already seen net outflows for several consecutive days. Yet a large countertrend purchase like this has appeared on-chain.
- Possible impact: A single spot purchase worth over $34 million is not enough to reverse the trend, but it shows that large investors are still willing to buy below $2,300. Short sellers looking to push prices lower are facing rising costs.
My view: Short-term outlook for $ETH is somewhat bullish, because over $34 million in actual funds was used for an on-chain spot purchase, rather than opening a leveraged position. This suggests that large investors see value at current levels. However, this is only a single transaction; we still need to see whether buying continues.
$ETH $BTC
#巨鲸动向 #ETH #On-chain data
Source: On-chain analyst Ember, as monitored and cited by PANews at 08:37 on November 2. Wallet ownership has not been verified, and a purchase does not imply a commitment to remain bullish.
Tap the tag to view live market data: Do you think this purchase is a bottom-fishing move, or just a routine allocation by a large investor? For reference only; this is not investment advice.
- According to on-chain analyst Ember, as monitored and cited by PANews at 08:37 Beijing time on November 2, about 10 minutes ago an address bought 15,216 ETH on-chain using 34.69 million USDC, at an average price of around $2,279.
- Key details: The USDC used for this purchase had just been withdrawn from the Kraken exchange by the address this morning. The funds were withdrawn and then used to buy immediately. The clear flow of funds suggests a deliberate on-chain position build, rather than an internal exchange transfer.
- Market context: ETH is trading around $2,280 and BTC around $78,000. The market is still digesting the Binance hack, and spot ETH ETFs had already seen net outflows for several consecutive days. Yet a large countertrend purchase like this has appeared on-chain.
- Possible impact: A single spot purchase worth over $34 million is not enough to reverse the trend, but it shows that large investors are still willing to buy below $2,300. Short sellers looking to push prices lower are facing rising costs.
My view: Short-term outlook for $ETH is somewhat bullish, because over $34 million in actual funds was used for an on-chain spot purchase, rather than opening a leveraged position. This suggests that large investors see value at current levels. However, this is only a single transaction; we still need to see whether buying continues.
$ETH $BTC
#巨鲸动向 #ETH #On-chain data
Source: On-chain analyst Ember, as monitored and cited by PANews at 08:37 on November 2. Wallet ownership has not been verified, and a purchase does not imply a commitment to remain bullish.
Tap the tag to view live market data: Do you think this purchase is a bottom-fishing move, or just a routine allocation by a large investor? For reference only; this is not investment advice.
