An Ethereum whale is gearing up for a substantial $120 million acquisition as the US government resumes operations after a prolonged shutdown. This movement comes on the heels of a bill signed by President Donald Trump, aimed at reinstating government functions that had been halted for over 42 days.
The whale, identified as “66kETHBorrow,” has already amassed a significant holding of 385,718 ETH, worth approximately $1.33 billion. Recently, this entity borrowed another $120 million in USDT from Aave, a leading decentralized lending protocol, and subsequently deposited it into Binance, the largest cryptocurrency exchange by trading volume.
On-chain analytics from Lookonchain indicate that this deposit is likely a preparatory step for further Ethereum accumulation. The price of ETH has seen an increase of 2.9% in the past 24 hours, currently trading around $3,540 with a market capitalization nearing $430 billion.
The conclusion of the government shutdown has positively impacted the broader cryptocurrency market, which saw its total cap rise by 0.4% to $3.5 trillion. Trading volumes also surged by 12%, exceeding $175 billion, reflecting a renewed interest among traders. Notably, Binance experienced over $1 billion in stablecoin inflows just prior to the government”s reopening, a signal often associated with upcoming market activity.
As Bitcoin and Ethereum are witnessing upward trends, the overall altcoin market is expected to follow suit, enhancing the bullish sentiment among investors post-shutdown.
Disclaimer: Coinspeaker aims to deliver accurate news but does not provide financial advice. Readers should verify information independently and consult financial professionals before making investment decisions.
