A whale which has been termed mysterious bought around 20,000 ether tokens, worth $4.3 million, on Binance. Estimates suggests that the whale has accumulated 300,000 ETH over the last few weeks.
The CEO of Three Arrows Capital, Su Zhu, said the Ethereum whale has been accumulating the cryptocurrency during its recent dip below the $200 mark.
Some users are of the view that the whale that the whale is just adding a “prop bid,” a move that attempts to manipulate the market by temporarily boosting a cryptocurrency’s price. It would involve the whale adding the order to attract attention and get other buyers entering the market then cancel its own order.
However the whale’s order was filled and helped the price of ether rise. According to Finance Magnates, the order took place days after a crypto YouTuber claimed a sell order of 15,000 ETH on crypto exchange Bitstamp made Ether’s price drop.
Ether is currently trading at $217, after rising about 0.6% in the last 24-hour period according to data from Cryptocompare.