There is ongoing mega accumulation of Ethereum (ETH) by whales within the crypto ecosystem. According to data from the crypto analytics platform Lookonchain, a whale with the wallet address "0xAA15" withdrew a total of 5,762 ETH worth approximately $15.06 million from Binance earlier today. Overall, this whale has bought a total of 50,733 ETH $99.2 million at an average price of $1,955 since Sept. 19, 2023.

Per the Lookonchain outlook, another whale, "0x9314" also spent 7.29 million USDT to buy 2,800 ETH today, joining the host of accumulations of the second-largest cryptocurrency about two hours ago. This particular whale has a more robust portfolio, having stacked up a total of 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since Jan 1, 2023.

The intriguing switch to Ethereum by these whales complements the $8.2 billion in large transaction volumes according to data from IntoTheBlock. These large transactions, which involve ETH worth at least $100,000, have jumped by 65.99% in the past 24 hours.

Ethereum’s whales are notably helping to change the game as the digital currency strives to recoup its lost ground to price action.

Ethereum price in mix

At the time of writing, Ethereum has jumped by 11.42% in the past 24 hours to $2,645.07. The cryptocurrency has grown from a 24-hour low of $2,353.93 to its price at the moment, driven in part by the hype ravaging the market following the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC).

This approval is boosting sentiment that the spot Ethereum ETF might also be on the way. This has further pushed retail sentiment as well, with Ethereum now notably eyeing the $2,700 benchmark.