Ethereum Whales Scoop Up $66M in ETH During Price Dip
The post Ethereum Whales Scoop Up $66M in ETH During Price Dip appeared on BitcoinEthereumNews.com.
Ethereum is in the spotlight amid whale investor embrace. Despite the market downtrend, ETH’s future price growth is attractive to wealthy investors. Popular whale investors recently resurfaced, amassing $66 million worth of Ethereum (ETH). This whales’ transaction coincided with increased selling pressure in the market, which led to substantial declines in Ethereum’s price. At the moment, investors are showcasing cautious sentiments despite an uptrend in the market. Whale Stacks 28,120 ETH Amid Price Dip On Wednesday, October 2, the on-chain analytics platform Spot On Chain highlighted the huge ETH transactions made by whale investors. According to the details, the whale investors, known as “7 Siblings,” purchased 28,120 ETH at an average price of $2,350 using USDC. The mysterious “7 Siblings” with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip! Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305. Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast — Spot On Chain (@spotonchain) October 3, 2024 The transaction occurred during the recent Ethereum dip, when the coin fell 4.5% in one day. Prior to this transaction, these whale investors spent $129 million to acquire ETH during a price crash in August. The transaction saw the Ethereum whales scoop up 56,093 ETH at an average price of $2,305 per coin. As CNF discussed earlier, “7 Siblings” have a history of buying ETH when prices drop. They first appeared in the spotlight in November 2022, narrowingly escaping a $600 million liquidation of MakerDAO. They resurfaced during a market downturn in August, making a major purchase after Ethereum plummeted to $2,600. So far, “7 Siblings” have accumulated crypto worth $2.2 billion. As of this writing, the ETH price is $2,381, up 1.62% in the last 24 hours. However,…
Filed under: News - @ October 5, 2024 7:21 pm