A new cryptocurrency whale has purchased $1.34 billion worth of Ethereum over the past eight days, surpassing the record inflows into the U.S. spot Ethereum ETF, and has sparked speculation about the token's price movement ahead of key U.S. inflation data release.
According to data from the crypto intelligence platform Lookonchain, this whale acquired 312,052 Ethereum (ETH) through 10 newly created cryptocurrency wallets.
The whale's acquisition amount exceeds the record inflows into the U.S. spot Ethereum exchange-traded fund (ETF) by $300 million, which absorbed $1 billion worth of Ethereum on Monday, marking the largest single-day net inflow since its launch.
Analysts say that this billion-dollar accumulation could help push Ethereum closer to its previous all-time high of $4,890, which is still over 12% higher than current levels. As demand surges, investors are awaiting this week's Consumer Price Index (CPI) and Producer Price Index (PPI) reports, which could influence expectations for the Federal Reserve's interest rate decision on September 17.
According to Javier Rodriguez-Alarcón, Chief Investment Officer at cryptocurrency trading and asset management platform XBTO, the CPI and PPI reports are "crucial" for shaping monetary policy expectations, as higher-than-expected inflation data could "weaken" investor appetite and "halt" the current cryptocurrency rally. "This rally aligns with typical ETH behavior, which may pause or consolidate without new catalysts."
"Its near-neutral Z-score (-0.06) indicates that despite the significant increase, it remains within the normal volatility range for ETH," he said, adding that ongoing corporate treasury purchases could enable Ethereum to test its previous historical highs.
According to the latest estimates from the CME Group FedWatch tool, the market sees an 82% probability that the Federal Reserve will keep interest rates unchanged at its next Federal Open Market Committee meeting on September 17.
Nevertheless, Ethereum is facing aggressive profit-taking from short-term ETH holders, indicating that this group may anticipate a price correction.
Related: 50 billion swept in 35 days, claiming the ETH leadership position; the ETH landscape has changed, the future is here.
Original article: “New Crypto Whale Buys $1.3B Ether Ahead of U.S. Inflation Report”
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