Ethereum whale accumulates another 20,000 ETH in massive buy wall

Published on by Cryptoslate | Published on

Following a massive sell order of more than 15,000 ETH that triggered a noticeable Bitcoin slump, another Ethereum whale set a buy order for almost 20,000 ETH on Binance.

First thought to be a spoof, the order was quickly filled but prompted a widespread discussion on whether this was another whale's attempt to manipulate the market.

Chico Crypto, a crypto YouTube channel, claims that the latest Bitcoin slump was caused by an Ethereum whale.

According to his video, a crypto whale or a trading group put a mass-market 15,000 ETH order on Bitstamp, which immediately dropped the price from $220 to $190-a 13.6 percent decrease.

Su Zhu, the CEO of Three Arrows Capital, pointed out on Twitter that another Ethereum whale has been slowly accumulating ETH in the past couple of weeks.

He also indicated that he had been following the whale's behavior in the past weeks, saying that according to his calculations he'd already bought around 300,000 ETH or an equivalent to 7,000 BTC. The massive order seems to have ignited some action in the ETH/BTC trading pair, pushing ETH over the $200 mark in a matter of hours.

After the news about the 20,000 ETH order broke on Twitter, users began to speculate whether this was a prop bid.

The order started getting filled within minutes of placing, with many pointing out that the same whale had been on a buying spree for quite a while and that the orders were real.

Whoever this entity is had a 350+ BTC buy wall the other night, and I watched the entire order get sold into piece by piece.

Data from CoinMarketCap has shown that ETH has lost around 2 percent of its value against BTC in the past 24 hours but has gained almost 5 percent in USD terms.

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