Whale Purchases $10 Million stETH In The past Day, Here Are Possible Reasons Why

Name	Symbol	Market	Market Cap ($)	Algorithm
stETH	STETHUSD	Crypto	28,702,186,321	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

stETH

STETHUSD

Crypto

28,702,186,321

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	16.19	0.56%	2,915.17	2,910.04	2,921.38

Price Change

Price Change %

Current Price

Bid Price

Offer

16.19

0.56%

2,915.17

2,910.04

2,921.38

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,939.50	2,890.67	2,900.11	2,910.98	1,522.32 - 4,085.37

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,939.50

2,890.67

2,900.11

2,910.98

1,522.32 - 4,085.37

Exchange	Last Trade	Size	Trade Price	Currency
OKEX	14:03:19	0.005120	2,928.27	USD

Exchange

Last Trade

Size

Trade Price

Currency

OKEX

14:03:19

0.005120

2,928.27

USD

Price x Volume	Volume	Base Symbol	Related Pairs
85,416.29	29.19	STETH

Price x Volume

Volume

Base Symbol

Related Pairs

85,416.29

29.19

STETH

Whale Purchases $10 Million stETH In The past Day, Here Are Possible Reasons Why

10/08/2023 2:00pm

NEWSBTC

The crypto verse has recently witnessed a massive splash as an unidentified entity dove deep into the Ethereum ecosystem. A recent report from Lookonchain reveals that in a span of 24 hours, the whale has purchased $10 million worth of Lido Staked Ethereum (stETH). The Big Purchase And Past Activities Lookonchain, an on-chain analytics firm, broke the news earlier today on their X (formerly known as Twitter) account revealing that a whale address was responsible for the withdrawal of 10 million Dai (DAI) from Maker. The smart whale withdrew 10M $DAI from @MakerDAO and bought 5,403 $stETH again at an average price of $1,851 6 hrs ago.https://t.co/rIWyjsfRpf pic.twitter.com/aGwmc46gmc — Lookonchain (@lookonchain) August 10, 2023 According to the firm, this withdrawal wasn’t without purpose as the whale used the funds strategically invested to purchase 5,403 Lido Staked Ethereum, each at an average price of $1,851. Related Reading: Lido’s ETH Deposits Reach Record High Amid Stagnant stETH Withdrawals For those tracing the activities of this whale, this isn’t a maiden voyage into the stETH seas. As reported by Lookonchain, this exact address recorded two hefty transactions on 24 July 2023. The first transaction saw the whale dispensing 5.17 million USD Coin (USDC) to acquire 2,802 stETH at a rate of $1,844 each. Not stopping there, the whale converted a subsequent 10 million USDC into 5,421 ETH, which was then fully transitioned to stETH. Possible Reasons For Buying stETH While the motives of crypto whales, just like their real-world counterparts, often remain beneath the surface and obscured from the prying eyes of small investors, given the nature of this particular whale’s stETH acquisitions, it’s plausible to hypothesize some reasons behind its latest move. Strategic staking could be a reason behind the whale’s $10 million stETH purchase. Ethereum’s transition to a proof-of-stake mechanism through ETH 2.0 has opened doors for staking returns. Acquiring stETH, a representation of staked ETH, could be a strategic move by the whale to earn rewards while maintaining liquidity. Another plausible hypothesis could be speculation for price appreciation. It is worth noting that the whale might anticipate a significant price appreciation in the near future and investing a sizable amount can yield substantial returns if the price moves in the favored direction. Related Reading: Ethereum: Is Lido (LDO) Doomed To Repeat Three Arrows Capital’s Fate? Diversification of their portfolio can also be a possible reason behind the whale’s substantial stETH purchase, especially given the significant amounts of USDC previously deployed by the whale, so moving some of these holdings into stETH may be a calculated strategy to achieve diversification. However, despite the large buys, stETH hasn’t seen any significant movement. Particularly, the asset has only declined by 0.5% with a current trading price of $1,850. Featured image from Unsplash, Chart from TradingView

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