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The Surge of Ethereum’s Value Sparks Excitement in the Crypto Community
The recent surge in Ethereum’s value has ignited excitement within the crypto community, with a 5% increase propelling its price to approach $4,000, hitting a new high at $3,985. This significant uptick is attributed to robust buying activity and an overall optimistic sentiment prevailing in the market, hinting at a potential further increase in Ethereum’s value.
Widespread Investor Confidence
Out of the 110.95 million Ethereum addresses with a positive balance, a staggering 103.1 million addresses are now ‘In The Money,’ reflecting widespread investor confidence in the cryptocurrency.
Significant On-Chain Activity
According to on-chain reports, PulseChain and PulseX-related wallets have injected an additional 201M $DAI to acquire 51,809 $ETH in the past 10 hours, propelling the ETH price beyond $3,900. Over the last 3 days, 21 wallets associated with PulseChain/X have collectively purchased 148,288 $ETH using 561.7M $DAI, realizing an estimated profit of $21.8M (+3.9%). Further contributing to Ethereum’s momentum, another 15,003 $ETH was acquired on-chain at approximately $3,932 using 59M $DAI by wallets linked to PulseChain/X within the past hour. The total amount purchased in the last 4 days stands at 163,295 $ETH, costing 620.7M $DAI, with an estimated unrealized profit of $24.3M.
Strategic Trading Moves
In addition, a savvy trader executed a strategic move by exchanging 31.8M $USDC for 8,230 $ETH at an average price of ~$3,864, marking the start of another lucrative trade cycle. This trader has previously completed 2 $ETH trading cycles, accumulating an estimated total profit of $13.36M, with respective ROIs of +78.1% and +45.9%.
Market Speculation and Accumulation
Meanwhile, James Fickel continues to leverage $WBTC borrowings from AAVE, exchanging them for $ETH to bet long on the ETH/BTC trading pair, amassing 2,031 $WBTC ($103M) and 36,677 $ETH since the launch of the Bitcoin ETF on Jan 10. The significant accumulation on the Ethereum Blockchain suggests that $ETH is on track to surpass its all-time high soon, with meme token speculation among the key drivers boosting weekly fees on Ethereum to their highest levels since May 2022.
Disclaimer
It is important to note that this information is not trading or investment advice. It is always recommended to conduct thorough research before buying any cryptocurrency or investing in any services.
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