NewsBTC has reported a significant move among Ethereum whales as they take advantage of the recent dip in Ethereum’s value. While some investors might view the ongoing price decline as a threat to their investments, Ethereum whales see it as a golden opportunity to increase their holdings. This perspective has led to a massive buy-in from these large investors who have collectively acquired an enormous volume of Ethereum in the past few days.
Ethereum’s price continues to stumble, trading below $2,000 as the entire cryptocurrency market faces a challenging period. As of this report, Ethereum is priced at $1,988 per coin, with a market cap close to $240 billion. According to data from CoinGecko, Ethereum’s value has been on a steady decline since it hit a peak of $3,640 per coin on January 6. The first significant dip occurred on January 14, with the coin’s value dropping further on February 3 and February 28, reaching $2,460 and $2,100 respectively.
On March 11, Ethereum dropped below $2,000 for the first time, struggling to maintain a position above this mark ever since. However, this drop in price has not deterred Ethereum whales, who have seized the opportunity to buy more ETH and expand their holdings.
Crypto analyst Ali Martinez noted that the dip in Ethereum’s price has prompted a surge in buying activity among these large investors. “Whales bought over 120,000 #Ethereum $ETH in the last 72 hours,” Martinez claimed. The analyst also shared a chart showing a spike in whale ETH accumulation in line with the coin’s price decline. This trend suggests that Ethereum’s dip allowed whales to acquire over 120,000 ETH tokens, equating to around $236 million within just three days.
Meanwhile, data analytics platform Lookonchain tracked a whale who purchased nearly $14 million worth of ETH. This whale withdrew $8.81 million in ETH from OKX and deposited it into Aave, a decentralized finance platform. The whale continued to deposit in Aave, borrowed five million USDT, and used it to purchase an additional 2,563 ETH tokens worth $5 million on OKX.
