Last night (20th), the release of US PCE data showed a lower-than-expected figure, boosting market expectations of a rate cut by the Federal Reserve (Fed) in March 2024, further driving the cryptocurrency market to rebound from the dip.
The price of Bitcoin rebounded from $92,234 yesterday to $97,396 before the close, a gain of 5.6%; ETH also saw a strong rise of 11.8% from $3,101.9 to the current $3,462.91, a 24-hour increase of 1.61%.
World Liberty Financial Adds 2.5 Million ETH
One of the reasons for ETH's strong rebound is related to large-scale purchases by several whales. According to monitoring by Lookonchain, the DeFi project World Liberty Financial (WLF) of the Trump family re-entered the market when ETH had a slight rebound last night, spending 2.5 million USDC to purchase 759 ETH at an average price of around $3,290.
Currently, WLF has purchased a total of 9,587 ETH at an average price of $3,651, with a current value of approximately $33.2 million and an unrealized loss of $1.8 million.
10 New Wallets Withdraw Over $61 Million ETH from Binance
Additionally, Lookonchain's statistics show that after the market rebound, 10 new wallets have withdrawn a total of 17,698 ETH, worth $61.66 million, from Binance. This seems to indicate that whales are optimistic about the future trend of Ethereum and are buying in at low prices.
Whale Buys $10 Million ETH at Average Price of $3,459
Meanwhile, on-chain analyst Yu Jin monitored that a whale used two addresses to spend 1.71 million DAI to buy 4,943 $ETH at around 3:30 am today, at an average price of $3,459 (almost the same as the current price).
Yu Jin pointed out that this whale had not made any transactions for a year and a half, with the last trade being the sale of 3,723 ETH at $1,888 in May last year, earning a profit of $30,000.
ETH/BTC Ratio Surges Nearly 8%
Driven by the large-scale accumulation of whales, the rebound of ETH has outpaced that of Bitcoin, leading to a significant rise in the ETH/BTC exchange rate. From the low point of 0.03337 yesterday, it has strongly rebounded to 0.03594, an increase of 7.7% in less than 9 hours, currently at 0.03569.
Whether Ethereum's strong performance can be sustained remains to be observed.
