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A fascinating development emerged as Ethereum, the second-largest cryptocurrency by market capitalization, experienced a rapid price decline. Ethereum whales started accumulating large amounts of ETH, demonstrating strategic play in the face of uncertainty.
The term “whale” is used to describe individuals or entities that hold large amounts of cryptocurrencies, and their recent actions in the wake of the widespread market downturn have sparked attention and speculation across the crypto community. Masu.
As Ethereum price plummeted to a low of $2,850 on April 13th, on-chain data captured strategic accumulation by ETH whales or large holders.
according to spot on chainEthereum whale “0x435” spent 70 million USDC to purchase 23,790 ETH as Ethereum fell to nearly $2,942.
Based on data from on-chain sources, the whale buying frenzy began a few days ago when ETH prices started plummeting, and included exits from Binance and decentralized exchanges.
On-chain analytics company look on chain reports one of the aforementioned whale trades, which involved the withdrawal of 37,018 ETH worth $120.7 million from Binance.
The whale accumulated 60,808 ETH worth $191 million from Binance and DEX following each plunge in the past 24 hours, and withdrew 62,141 ETH worth $202.6 million from Binance in the past five days.
Currently, Whale holds 85,931 ETH worth $278 million and $136 million USDT and USDC stablecoins in Aave.
The whales' actions were consistent with a broader trend of Ethereum accumulation by large holders. Another mysterious whale, a new wallet tagged “0xE347,” allegedly withdrew 7,300 ETH worth $23.8 million from Binance and transferred it to Pendle Finance. According to Spot On Chain, the cVault.finance deployer paid 6 million DAI to purchase 2,018 ETH for approximately $2,973.
At the time of writing, ETH was down 6.05% over the past 24 hours, rising from an intraday low of $2,911 to $3,060, reflecting the broader crypto market selloff. Ethereum fell for three consecutive days from a high of $3,617 on April 13 to a low of $2,850, before recovering slightly.
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Tomiwavoldo Olajide
