Famous Ethereum Whale Bags 56,093 ETH During Price Dip
According to blockchain analytics company Lookonchain, a group known as “7 Siblings” profited from the recent drop in Ethereum’s value to thousands of ETH tokens. According to Lookonchain data, the firm secretly bought 56,093 ETH at a cost of $129.3 million at the time.
Based on blockchain data, 7 Siblings began accumulating Ethereum yesterday at about $2,600 and kept buying until the price dropped even lower to $2,191. The average cost to purchase the 56,093 ETH was $2,305.
It’s interesting to note that Lookonchain showed that on August 4 and 5, 2024, the accumulating frenzy lasted for 12 hours. The organization used Uniswap and 1inch as two of the platforms to convert $129.3 million worth of USD Coin (USDC) to ETH. Lookonchain became aware of the development as the entity’s actions deviated significantly from those in the larger cryptocurrency market.
Due to the recent drop in crypto values, investors were compelled to change their digital currencies into less hazardous assets, including stablecoins. They were worried that the decline would deepen and cause them to suffer enormous losses.
On the other hand, 7 Siblings viewed the recent decline as a chance to amass the second-largest cryptocurrency by market cap.
Whales bag ETH tokens
According to a tweet on X (formerly Twitter), five whales purchased 144,071 ETH at an average price of $2,300 during the market meltdown. This ETH was valued at $331.11 million. Nomad Bridge Exploiter was one among these purchasers, having bought 16,892 ETH at the $2,353 mark.
James Fickel, a whale, purchased 3,534 ETH a few hours ago for 9 million USDT, or an average price of $2,547. Based on statistics, Fickel is excellent at purchasing ETH at a discount and selling it for a premium. But this time, he took the chance to acquire ETH for less money.
In addition to the investors already listed, Justin Sun, the creator of TRON and HTX, contributed significantly to ETH during the most recent meltdown. The whales indicate a possible purchasing opportunity and investors’ and exploiters’ substantial ETH accumulation during the market drop.
Bullish or bearish on ETH?
Expert technical analysis indicates that ETH is bullish and may rise 13% to $2,850 the next day. However, ETH must continue to rise over $2,300 to continue its upward trajectory. ETH, on the other hand, risks falling sharply if it is unable to maintain this level and closes a daily candle below $2,300.As of the time of writing, ETH is trading close to $2,400 and has increased in value by more than 0.36% over the previous day. At the same time, its trade volume fell by 35.33%, indicating a decline in retailer involvement. Data suggests that whales are very active in the current market situation.
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