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Ethereum (ETH) experienced a significant price surge of 7.5% over the last 24 hours, following substantial purchases by new whales. The cryptocurrency's value escalated from $1,717 to $1,846 before slightly falling to $1,828 on the Bitstamp exchange, according to data provided by blockchain analyst @OnchainDataNerd on a popular social media platform.

This increase comes in the wake of Bitcoin's 9.73% price spike, which was largely driven by anticipation for the Securities and Exchange Commission's potential approval of the Bitcoin spot Exchange-Traded Fund (ETF) later this year.

In recent developments, four new whales were observed making substantial ETH purchases on Coinbase (NASDAQ:COIN), a leading US-based cryptocurrency exchange. Data reveals that three of these whales collectively bought 47,760 ETH worth $82.97 million in a single day. Another fresh wallet procured and withdrew an additional 8,310 ETH from Coinbase, valued at $15.09 million.

In parallel with these activities on Coinbase, Whale Alert tracked significant ETH transfers from Binance to anonymous wallets. These included a large transfer of 30,709 ETH from Binance.

These events reflect the increasing interest and activity in the Ethereum market among large-scale investors or 'whales'. Their substantial purchases and withdrawals have contributed to Ethereum's recent price surge and indicate growing confidence in the cryptocurrency's potential.

https://www.investing.com/news/cryptocurrency-news/ethereum-sees-price-surge-as-new-whales-make-substantial-purchases-93CH-3207508