Ethereum, the second largest cryptocurrency with a significant market value, has experienced rough seas recently. Over the past few days, Ethereum’s price has significantly dropped to around $2,800 on April 12, mirroring the market slump affecting the entire crypto sector.
Despite the unpredictability, something intriguing has occurred: Large-scale Ethereum investors, known as “whales,” are making bold moves in the cryptocurrency realm. Their calculated actions have piqued the interest and fueled rumors within the crypto community.
Strategic Accumulation Amidst Turbulence
When Ethereum’s price declined, large Ethereum investors, or “whales,” quickly took advantage of the situation. One such whale, referred to as “0x435,” initiated a buying frenzy as Ethereum’s price dropped.
A single investment of $70 million in USDC saw this prominent investor, or “whale,” purchase an impressive 23,790 Ether tokens when Ethereum reached close to $2,930. This was not a hasty move; instead, it was the culmination of a well-planned strategy that transpired over multiple days. The execution involved substantial transactions and withdrawals from both popular exchanges like Binance as well as decentralized platforms.
Despite the recent 8% correction in the $ETH price (24H), whales are still buying $ETH!
1. Whale 0x435 spent 70M$ USDC to buy 23,790 $ETH at ~$2,942 4 hours ago:
Over the past 15 hours, a whale has acquired a total of 60,808 $ETH, equivalent to approximately $191 million, from both Binance and Decentralized Exchanges.
— Spot On Chain (@spotonchain) April 14, 2024
The Right Timing
The transactions made by “0x435” represent only a small part of the larger trend of Ethereum hoarding by major investors. Companies specializing in on-chain analysis, like Spot On Chain and Lookonchain, have shed light on the extent and sequence of these large-scale purchases. Their findings suggest a deliberate accumulation strategy during market instability.
This whale spent 70M $USDC to buy 23,790 $ETH at $2,942 from the bottom again after $ETH dropped.
In the last week, he purchased a total of $278.5 million worth of Ethereum (ETH), which amounts to 85,931 units, from both Binance and decentralized exchanges (DEXs). The average price he paid for each ETH was around $3,241.
He still holds $136M stablecoins and may buy more $ETH.…
— Lookonchain (@lookonchain) April 14, 2024
The behavior of these whales is not isolated; it aligns with a larger pattern indicating that major investors or financially savvy entities are preparing for potential market shifts by making calculated moves.
Ethereum’s Journey Through The Storm
In simpler terms, the larger picture of Ethereum’s price fluctuations makes this story even more intriguing. Ethereum dropped in value for three straight days, going from a peak of $3,617 to a low of $2,850 on April 13, emphasizing the unpredictability and doubt currently present within the crypto market.
Despite the turbulent waters, Ethereum regained some ground and was priced at $3,107 during this update, representing a small bounce back; nonetheless, it remained 6.05% lower than the previous day’s value.
Hong Kong Gives Nod To Ethereum ETFs
In a recent advancement, Hong Kong became the initial locale to approve Bitcoin and Ethereum cash-settled ETFs for trading. As a result, this financial hub is establishing new benchmarks.
In the past, the Securities and Futures Commission (SFC) in Hong Kong has approved numerous well-known financial companies to launch exchange-traded funds (ETFs). On the other hand, the US Securities and Exchange Commission (SEC) is now examining similar applications.
Several prominent financial institutions, such as China Asset Management, Bosera Capital, and HashKey Capital Limited, have received approval from the Securities and Futures Commission (SFC) to initiate Bitcoin and Ethereum cash-backed ETFs.
With these advanced financial tools merged, investors can easily purchase shares of Ethereum and Bitcoin using cold hard cash.
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2024-04-16 13:34