1.14 Million ETH in 48 Hours: What’s Happening

Recent market data reports a significant amount of ETH caught up in large holder activity within the last 48 hours.

According to Ali, a crypto analyst, whales have bought over 1.14 million ETH in the last 48 hours. This massive accumulation has sparked curiosity and speculation within the crypto community.

Along similar lines, blockchain data tracker Whale Alert reports three major Ethereum transactions within the last 24 hours, with a substantial amount of ETH moved between unknown wallets.

The transactions are 39,200 ETH worth $129,481,373; and two transactions of 40,894 ETH, each worth nearly $135 million, transferred between unknown wallets.

Institutional investors are increasingly entering the cryptocurrency market, thus, the recent accumulation could hint at institutional players expanding their ETH holdings.

In one such, Spot On Chain data reported yesterday that five wallets (likely one entity) deposited 29,200 million USDT to HTX and withdrew 9,018 ETH during the recent market drop.

At the time of writing, ETH was down 3.31% in the last 24 hours to $3,292.

Ethereum Pectra hard fork progresses

According to the most recent update on Pectra developments from Galaxy Research’s Christine Kim, preparations for the Ethereum Pectra hard fork activation are progressing.

Based on planned Pectra specification changes and recent network issues on Pectra Devnet 5, developers decided to launch another devnet, Devnet 6, before updating the public testnets.

Developers also outlined a preliminary time frame for Pectra mainnet activation, which would require client teams to release updated software by Feb. 3 for Pectra to be activated on the Sepolia and Holesky testnets on Feb. 12 and 19, respectively. Developers want to release the final Pectra software for a possible mainnet upgrade on March 11, 2025.

Considering how planning for Pectra has gone, preparations are in place for the next upgrade, Fusaka.