Ethereum, like many other cryptocurrencies, is going through a price drop due to broader industry trends. This decline has been worsened by geopolitical tensions in the Middle East, causing market instability. Despite this, most cryptocurrencies are losing value, including Ethereum. However, large investors, or “whales,” are taking advantage of the situation by buying more assets, indicating a positive outlook despite the chaos.
Recently, data from Lookonchain’s on-chain analysis reveals that an Ethereum billionaire has been buying up assets during the price downturn. Remarkably, these purchases began prior to the geopolitical tension in the Middle East intensifying.
Ethereum Whales Accumulate During Market Downturn
According to the on-chain transaction monitor, Lookonchain, some Ethereum big investors have shown signs of both selling off and buying up large amounts of cryptocurrency in the last few days. One notable recent purchase was made by a whale who has been consistently withdrawing crypto from Binance.
According to Lookonchain’s report, the Ethereum whale with the address “0x4359” has taken out a total of 62,141 ETH or approximately $202.6 million from Binance over the past five days. Notably, this large-scale investor made their most recent withdrawal of 37,018 ETH, equivalent to around $120.7 million, within the last 12 hours.
Ethereum on the other hand, has fallen from $3,722 to as low as $2,866 in the last five days, representing a 23% price decline. In a similar manner, 7,300 ETH worth $23.8 million were transferred from Binance into “0xE347,” a newly created whale wallet.
It seems that whales bought $ETH at the bottom!
A whale with the identifier “0x4359” took out 37,018 dollars worth of Ethereum (approximately $120.7 million) from Binance about 4 hours ago, and within the last 5 days, this large investor has withdrawn a total of 62,141 dollars in Ethereum (around $202.6 million) from the same platform.
Fresh whale wallet”0xE347″ withdrew 7,300 $ETH($23.8M)…
— Lookonchain (@lookonchain) April 13, 2024
That said, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop. It’s important to note that this same whale withdrew 26,698 ETH worth $94.3 million from Binance between Feb. 7 and April 1.
In a recent update on social media, Lookonchain reported that four large investors (referred to as “whales”) sold off 31,683 Ethereum tokens, valued at approximately $106 million, during the market downturn.
What’s Next For Ethereum?
Large-scale ETH investors adopt contrasting tactics: Some offload their assets during selloffs, while others capitalize on price dips by purchasing more.
At present, whales are purchasing more Ethereum than selling, but a recent selloff by retail investors has given an edge to the bearish side. Consequently, Ethereum is now hovering around the $3,000 mark, which holds significant importance for its price movement.
If whales keep adding to their Ethereum holdings, the cryptocurrency’s price may shift in favor of the bulls as market turmoil lessens. This could cause Ethereum to maintain a position above $3,000 and potentially rise to hit $3,200 or more. Conversely, if whales sell off their Ethereum holdings, the price could drop below $3,000 as a result.
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2024-04-15 04:01