Several large cryptocurrency holders, known as whales, have recently made significant purchases of Ethereum (ETH), suggesting that they may be becoming more optimistic about the second-largest digital asset by market capitalization.

According to the crypto tracker Lookonchain, a whale wallet that may belong to Tron (TRX) founder Justin Sun withdrew 4,666 ETH worth $14.91 million from the popular crypto exchange Binance on Monday. This whale had already purchased 132,054 ETH worth $420 million since April 8th.

Another whale wallet withdrew 7,182 ETH worth $23.06 million from Binance on Monday, as reported by Lookonchain.

In addition, a third whale wallet withdrew 11,892 ETH worth $37.77 million from Binance on Sunday and Monday, and then proceeded to go long on Ethereum by depositing ETH into the lending platform Compound (COMP) and borrowing the top stablecoin USDT.

Lookonchain also highlights that a fourth wallet withdrew 5,181 ETH worth $16.28 million from Binance over the weekend and staked the Ethereum into the non-custodial liquid restaking protocol Bedrock, as well as the decentralized finance (DeFi) project Pendle (PENDLE).

At the time of writing, ETH is trading at $3,215. The cryptocurrency has seen a 4% increase in value over the past seven days, but has experienced a decline of nearly 7% over the past month.

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