The recent downturn in the cryptocurrency market, particularly impacting Ethereum (ETH) and ChainLink (LINK), has witnessed both tokens experiencing a dip, with ETH falling below the $2500 mark and LINK slipping below $15.

Over the past 24 hours, ETH and LINK have seen losses of 3% and 4%, respectively.

Interestingly, amid this market dip, whales have taken advantage of the opportunity to accumulate these tokens, as indicated by on-chain reports from Spotonchain. 

One prominent whale, holding a total profit of $25.8 million from ETH, leveraged the recent market conditions to acquire more tokens.

Massive whale with $25.8M in total profit from $ETH used the recent market dip to accumulate more tokens!

~2hrs ago, whale 0x347 withdrew 3,600 $ETH ($8.84M) from #Binance at ~$2,456.

Notably, the whale withdrew its $ETH during last year’s bear market and has been depositing… pic.twitter.com/wvIrZrSEH7

— Spot On Chain (@spotonchain) January 19, 2024

Significant ETH Whale Transfer To Monitor

In a recent move, the whale (wallet address: 0x347) withdrew 3,600 ETH, valued at $8.84 million, from Binance at a price of $2,456. This strategic withdrawal aligns with the whale’s past behavior of depositing ETH to centralized exchanges during periods of price increase. The whale currently holds 31,700 ETH, equivalent to $77.8 million, following this latest accumulation.

In a parallel development, another wallet (wallet address: 0x5c7) entered the scene by investing $4.96 million USDC to purchase 336,529 LINK at $14.74, which coincided with the local bottom during the recent market fluctuation. 

New wallet 0x5c7 spent 4.96M $USDC to buy 336,529 $LINK at ~$14.74 (the local bottom) ~4 hours ago.

Notably, the wallet received its funding stablecoins from two other wallets that, on the other hand, had been dormant for over a year!

For more updates on #Chainlink ( $LINK ),… pic.twitter.com/okj2FBtPbp

— Spot On Chain (@spotonchain) January 19, 2024

Notably, this wallet received its stablecoin funding from two dormant wallets that had remained inactive for over a year.

These strategic moves by whales indicate a calculated approach to capitalize on market opportunities presented by temporary downturns. As the cryptocurrency market remains dynamic, observing how these accumulated positions evolve will be essential in gauging the impact on the broader market and these specific tokens.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: sinenkiy/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 19, 2024 10:37 pm