In response to the @lookonchain platform that tracks “good cash” crypto transactions, a whale has bought a considerable amount of Ethereum from two main exchanges lately. He did that regardless of the brief value rise that occurred earlier this week.

54,000 ETH added by whale on rise

The aforementioned investor amassed 47,729 Ethereum in complete from Coinbase and Gemini change, paying almost $80 million for it.

A screenshot shared by @lookonchain reveals that there have been three buy transactions of 14,871 ETH; 16,535 ETH and 10,214 ETH. This occurred on Feb. 15 and 16, when the ETH value briefly went as much as the $1,680 stage.

Two extra purchases have been made after the worth dropped to the $1,663 mark earlier at this time. At press time, Ethereum is buying and selling at $1,662, per the information shared by CoinMarketCap.

We discovered a whale purchased a complete of 47,729 $ETH ($79.2M) from #Coinbase and #Gemini throughout this $ETH value will increase.

And nonetheless purchased 6,108 $ETH ($10.1M) after the $ETH value dropped at this time.https://t.co/BbSvjsT2st pic.twitter.com/JMa7NTWPeo

— Lookonchain (@lookonchain) February 17, 2023

Is whale including ETH earlier than Shanghai?

A attainable purpose for these purchases regardless of the worth fluctuation is that the whale is betting on the ETH value to rise after the Shanghai improve is applied.

After Shanghai takes place, which is anticipated to occur in February, cash staked within the Ethereum 2.0 deposit contract might be launched. It’s also anticipated to scale back transaction charges and allow the Ethereum community to deal with a bigger variety of transactions than it may possibly do now.

Many traders, nevertheless, count on the worth to reveal a pointy drop as soon as the entire staked ETH are launched onto the market.