Strategic Accumulation Amid Rising Prices
According to Loookonchain, an unknown whale has been actively increasing their Ethereum holdings, utilizing the Spark platform’s revolving loan feature. Spark platform is a decentralized finance (DeFi) product that enables users to borrow stablecoins like USDC or DAI against their cryptocurrency holdings.This investor has managed to withdraw 39,900 ETH worth roughly $99.5 million from major exchanges such as Binance, Bybit, OKEx, and Bitfinex, leveraging the flexibility of revolving loans to boost their position in Ethereum.
Further insights from Lookonchain reveal that these withdrawals by the whale represent a continuous strategy rather than an isolated event. Since the start of the month, the whale has consistently been pulling out ETH, averaging a withdrawal price of $2,492, and has secured about 56.8 million DAI in loans from the Spark platform so far.
A whale is accumulating and going long by revolving loans on ! The whale has withdrawn 39.9K ($99.5M) from , , and since Feb 1 at an average price of $2,492, and borrowed 56.8M from . — Lookonchain (@lookonchain)While bold, this strategy highlights the optimism surrounding Ethereum’s potential growth, especially in anticipation of the upcoming altcoin bull run and the expanding interest in Ethereum-based investment products like the spot exchange-traded funds (ETFs).
Spotlight On Ethereum Spot ETFs
While the United States Securities and Exchange Commission (SEC) is yet to disclose any latest update on the already filed applications of the spot Ethereum ETFs, asset manager Franklin Templeton has recently jumped on the spot ETH ETF queue.
Here’s the most recent table of other filers that I have — James Seyffart (@JSeyff)
These developments come when Ethereum has sustained a positive momentum, closely tracking Bitcoin’s performance. The asset has witnessed more than 10% surge in the past week, maintaining this upward trend with an additional nearly 1% increase in the past 24 hours.