“Ethereum Whales Accumulate Massive Amounts of ETH Amid Market Downturn”
Ethereum Whales Make Strategic Moves Amid Market Downturn
As Ethereum faced a significant price drop, Ethereum whales, or large holders of the cryptocurrency, made strategic moves to accumulate massive amounts of ETH, sparking intrigue within the crypto community.
The term “whale” refers to individuals or entities holding substantial amounts of a cryptocurrency. In the midst of Ethereum’s price decline to $2,850 on April 13, on-chain data revealed a notable accumulation by an ETH whale known as “0x435.”
According to Spot On Chain, this whale spent 70 million USDC to purchase 23,790 ETH as the price of Ethereum dipped to nearly $2,942. The buying spree by this whale began days prior as the ETH price started plummeting, involving withdrawals from both Binance and decentralized exchanges.
Further data from Lookonchain indicated that the whale withdrew 37,018 ETH worth $120.7 million from Binance in one transaction. Overall, the whale accumulated 60,808 ETH worth $191 million from Binance and DEX platforms following each sharp drop in the last 24 hours, withdrawing a total of 62,141 ETH worth $202.6 million from Binance over the past five days.
Currently, this whale holds 85,931 ETH worth $278 million, along with $136 million in USDT and USDC stablecoins in Aave. This accumulation trend by large holders was also observed with another mysterious whale, “0xE347,” withdrawing 7,300 ETH worth $23.8 million from Binance and transferring it to Pendle Finance.
As Ethereum’s price dipped by 6.05% in the last 24 hours to $3,060, recovering slightly from intraday lows of $2,911, these strategic moves by whales reflect a broader trend of Ethereum accumulation during the recent market crash. Ethereum saw a three-day decline from highs of $3,617 to lows of $2,850 on April 13 before a slight rebound.
The actions of these whales have captured the attention of the crypto community, raising questions about their motives and the potential impact on Ethereum’s price trajectory in the coming days.
Written by Tomiwabold Olajide, a cryptocurrency analyst and technical expert with a keen focus on market research and price analysis. Tomiwabold holds a degree from the University of Lagos and provides valuable insights into the crypto market trends.
