Recent data from Lookonchain reveals exciting developments in the world of cryptocurrency, particularly with Ethereum (ETH). Crypto whales have begun accumulating and staking ETH tokens, and this trend has caught the attention of both investors and enthusiasts in South Africa.
Whale Activity on the Rise
Lookonchain, a leading smartmoney on-chain analytics platform, recently reported significant whale activity involving ETH on the Binance exchange. Two substantial withdrawals have been spotted, indicating a growing interest in ETH:
- Whale “0x7838” withdrew 4,288 ETH, equivalent to a staggering R108 million, from Binance and staked these tokens.
- Fresh wallet “0x4b7B” withdrew an even more impressive 9,530 ETH, worth approximately R240 million, from Binance and also staked the tokens.
This substantial accumulation and staking activity signal a bullish sentiment among crypto whales in South Africa.
Possible Reasons for Accumulation
As Lookonchain’s observations gained attention, Crypto Vikings, a respondent on social media, suggested that this accumulation could be in anticipation of ETH Futures ETF approval. The crypto community is eagerly awaiting regulatory developments in this regard, which could further boost ETH’s value.
ETH’s Remarkable Price Rally
These whale activities come at a time when Ethereum is experiencing a resurgence in its price. The native coin of the flagship altcoin embarked on an impressive rally after bouncing off a local low of $1,563 (approximately R23,500) on September 25.
ETH has demonstrated remarkable strength by closing higher than its opening price for seven consecutive days, resulting in a gain of over 11%. As of the time of writing, ETH is trading at $1,730 (around R26,000), after successfully testing the next significant resistance level at $1,750.
If Ethereum manages to break above $1,750, we could witness a rally toward $1,800 and possibly even higher. This optimism is fueled by the developing bullish sentiment in the market and the ongoing accumulation of ETH by crypto whales as observed by Lookonchain.
Resurgence Beyond Ethereum
It’s not just Ethereum that is showing signs of resurgence in South Africa’s cryptocurrency market. Many other cryptocurrencies have also started the final quarter of 2023 with bullish intentions. Besides the potential ETH Futures ETF approval, some crypto analysts believe that the upcoming Bitcoin halving could be contributing to the observed resurgence across the crypto market.
In conclusion, the recent accumulation and staking of ETH tokens by crypto whales are clear indicators of growing confidence in the cryptocurrency market, particularly in South Africa. With Ethereum’s price on the rise and the anticipation of regulatory developments, the crypto landscape in South Africa looks promising. As we move further into the final quarter of 2023, all eyes will be on these bullish trends and their potential impact on the broader financial landscape.