Gamza Khanzadaev
Prominent market whales are actively accumulating major altcoins amid notable decline in Ethereum prices
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Amid rising global tensions, the crypto market witnessed a significant downturn, with the TOTAL index plummeting by a staggering 17% over the weekend, recording a loss of nearly $430 billion in market capitalization. The turmoil affected all digital assets, but Ethereum (ETH), the second-largest cryptocurrency by market capitalization, took a notable hit, dropping 18.43% to a low of $2,852 per Ethereum. Did.
But amidst the market turmoil, an interesting trend has emerged. Prominent players in the cryptocurrency space, often referred to as “whales,” have expressed unwavering confidence in Ethereum’s potential. In particular, it was observed that large addresses were accumulating large amounts of his ETH during price declines.
Whale activities
One such whale, identified as “0xE34,” seized the opportunity to accumulate 1,000 ETH worth about $3.15 million from Binance at the market’s lowest point. This particular address accumulated his 8,300 ETH worth approximately $25.12 million.
Furthermore, a wallet associated with another important player, Matrixport, took the decisive action to withdraw 16,300 ETH (a staggering amount of $51.1 million) from Binance during the market turmoil. The wallet has been consistently withdrawing ETH from exchanges since March 29, accumulating a total of 67,286 ETH worth approximately $228.33 million at an average price of $3,393.
Matrixport is a prominent player in the cryptocurrency financial services space and has been active in facilitating digital asset management and trading for institutional and retail investors around the world.
The large purchases of Ethereum at a time of market volatility highlight the confidence of several major companies in the potential of major altcoins. Despite geopolitical uncertainty and market volatility, Ethereum continues to maintain bullish sentiment among keyholders.
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Gamza Khanzadaev
