Ethereum Whales Go on a Buying Spree as ETH Price Drops
Ethereum, the second-largest cryptocurrency by market capitalization, has faced a turbulent period, with its price plummeting to levels not seen in nearly three years against Bitcoin.
However, amidst this market volatility, a fascinating trend has emerged – deep-pocketed investors, often referred to as “whales,” have been strategically accumulating Ethereum.
TLDR
- Ethereum’s price has experienced a significant drop, with ETH nearing 3-year lows against Bitcoin.
- Amidst this price decline, Ethereum whales have been strategically accumulating ETH, indicating their confidence in the cryptocurrency’s potential.
- One prominent whale, identified as “0x435,” acquired 23,790 ETH worth around $70 million during the price dip.
- Hong Kong has approved the launch of Ethereum and Bitcoin exchange-traded funds (ETFs), potentially boosting institutional adoption.
- Analysts suggest the current Ethereum price levels could present a buying opportunity before the ETFs launch.
The recent price drop has been significant, with Ethereum’s value against Bitcoin (ETH/BTC) falling to around 0.048 BTC, a level last witnessed in May 2021.
Despite this decline, several key technical indicators are flashing bullish signals, and some analysts are anticipating potential gains ahead for the ETH/BTC pair.
One notable whale, identified as “0x435,” seized the opportunity to acquire a substantial amount of Ethereum during the price dip. With a staggering investment of 70 million USDC, this whale acquired 23,790 ETH when Ethereum hit nearly $2,930.
However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.
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:
• In total, the whale has accumulated 60,808 $ETH ($191M) from #Binance and DEX in the past 15 hours, after each… pic.twitter.com/ujZRULGAkX
— Spot On Chain (@spotonchain) April 14, 2024
On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a broader pattern of strategic accumulation amidst the market turbulence.
These whales aren’t acting alone; they’re part of a wider trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.
This whale accumulated 1,000 $ETH($3.15M) from #Binance at the bottom again, accumulating 8,300 $ETH($25.12M) after the market dropped.https://t.co/ZXrwpz1g6D pic.twitter.com/bONUrSKbyl
— Lookonchain (@lookonchain) April 15, 2024
The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.
However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.
Hong Kong ETFs
Hong Kong has set new precedents as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs).
The Securities and Futures Commission (SFC) of Hong Kong has granted permission to several prominent financial corporations, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to establish these ETFs.
While the US Securities and Exchange Commission (SEC) is currently reviewing similar applications, Hong Kong has taken the lead in this space.
The post Ethereum Whales Go on a Buying Spree as ETH Price Drops appeared first on Blockonomi.
