A remarkable phenomenon surfaced when the price of Ethereum, the second-largest cryptocurrency by market capitalization, dropped sharply: Ethereum whales started buying enormous quantities of ETH, demonstrating a calculated move in the face of uncertainty.
Individuals or companies who possess a substantial quantity of bitcoin are referred to as “whale” holders, and their recent actions following a wider market decline have generated interest and conjecture within the cryptocurrency community.
On April 13, when the price of Ethereum plummeted below $2,850, on-chain data revealed a calculated buildup by a huge holder or “ETH whale.”
Spot On Chain reports that after Ethereum dropped to about $2,942, the Ethereum Whale “0x435” paid 70 million USDC to purchase 23,790 ETH.
https://x.com/spotonchain/status/1779315441720270931
The whale’s purchasing spree, which includes withdrawals from decentralised exchanges like Binance and started days ago when the price of ETH started to drop, is based on information from on-chain sources.
One of the previously mentioned whale transactions, including the removal of 37,018 ETH valued at $120.7 million from Binance, is documented by the on-chain analytics company Lookonchain.
After each significant decline in the prior 24 hours, the aforementioned whale amassed 60,808 ETH worth $191 million from Binance and DEX. Over the previous five days, the whale withdrew 62,141 ETH worth $202.6 million from Binance.
The whale now holds $278 million worth of ETH in addition to $136 million in stablecoins in Aave, including USDT and USDC.
The whale’s activities aligned with a larger pattern of significant holders accumulating Ethereum. A new wallet identified as “0xE347,” belonging to an unidentified whale, was reported to have taken out 7,300 ETH valued at $23.8 million from Binance and moved it to Pendle Finance. Spot On Chain reports that a cVault.finance deployer purchased 2,018 ETH for over $2,973 by paying 6 million DAI.
As of this writing, ETH has dropped 6.05% in the previous day to $3,060, from intraday lows of $2,911, reflecting the collapse of the larger cryptocurrency market. After hitting highs of $3,617 and lows of $2,850 on April 13, Ethereum fell for three days in a row before somewhat rebounding.
