Ethereum's price has seen a notable increase, reaching $2,434, largely fueled by significant institutional buying activity. In recent transactions, an institution acquired around 47,070 ETH during a three-day market dip, investing nearly $112.96 million in USDC at an average price of $2,400. This institution's investment strategy also included buying a total of 132,535 ETH over the past 11 days, resulting in a total expenditure of approximately $333.78 million via over-the-counter (OTC) deals with Wintermute and Coinbase.
Market analysts are observing this trend closely as the same institution has reported over $30 million in realized ETH profits and continues to make substantial investments. Its latest recorded purchase involved acquiring 15,000 ETH for $37.16 million at a unit price of $2,477 just ten hours ago. Despite facing a floating loss of about $4.97 million, the consistent buying indicates strong conviction from institutional players.
"Institutional interest in Ethereum suggests an optimistic outlook for its price movements in the short term," commented a market analyst. With ongoing buying from major players, the Ethereum price trajectory remains in focus for investors.
Market analysts are observing this trend closely as the same institution has reported over $30 million in realized ETH profits and continues to make substantial investments. Its latest recorded purchase involved acquiring 15,000 ETH for $37.16 million at a unit price of $2,477 just ten hours ago. Despite facing a floating loss of about $4.97 million, the consistent buying indicates strong conviction from institutional players.
"Institutional interest in Ethereum suggests an optimistic outlook for its price movements in the short term," commented a market analyst. With ongoing buying from major players, the Ethereum price trajectory remains in focus for investors.
