Consensys Whale buys $320M Eth; Bullish Catalyst for Signalling strong institutional confidence in Ethereum, a whale wallet connected to Consensys purchased $320 million worth of Eth tokens from Galaxy Digital, with $120 million staked via liquid collective. This massive acquisition of Eth tokens has set the chatter buzzing on social media as Eth fans see the move as a further step towards adoption of Ethereum.

According to on-chain analytics platform Arkham Intelligence, a whale wallet connected to Consensys, an Ethereum focused tech giant, acquired over 1,00,000 eth tokens worth a staggering $320 million on Wednesday. After the acquisition, the whale transferred it to a new wallet address “0x0b2” and staked $120 million.?According to market experts, such massive acquisition of Eth tokens could be a bullish sign for Ethereum with both demand-supply dynamics and broader institutional confidence playing major factors. Experts also view the wallet movement as a possible catalyst for Eth performing well along with other major altcoins.

According to CoinGecko, immediately after the wallet movement, the price of Eth token shot up to a 24-hour high of $2667.17 before consolidating at $2627 on Thursday morning, with a nominal 0.2% fall.This massive Eth movement by the whale wallet comes in the backdrop of U.S. Securities and Exchange Commission (SEC)’s clarification that staked assets in Ethereum like proof-of-stake networks do not fall under the category of securities. The statement by SEC has been viewed as a positive step towards greater adoption of Ethereum as it reduces regulatory hurdles.

Moreover, BlackRock’s recent $77.1 million ETH ETF investment is a further signal towards rising institutional adoption of Ethereum. Experts also predict that due to an increase in on-chain activity, there can be a spike in trading volume and a renewed interest in Ethereum.