Ethereum Price Surges as High-Profile Investors Load Up

Ethereum's price has seen significant growth in the past 24 hours, with a surge of over 9% outperforming other large-cap crypto assets. This price increase comes on the back of large ETH buys from well-known investors.

According to on-chain data, Erik Voorhees, founder of ShapeShift and a prominent advocate for Bitcoin and crypto, purchased nearly $50 million worth of ETH through two separate transactions at an average price of $2,098 per token. This is Voorhees' first ETH purchase in two years.

Separately, pseudonymous early Ethereum participant 0xbilly also made a significant purchase, buying over $17 million worth of ETH for approximately $2,270 per coin.

Bitmine, led by Tom Lee, continued its weekly purchases of ETH, with the latest buy slightly higher than last week's and well above its weekly average. The company aims to hold 5% of the Ethereum supply.