Whales wolfed up $94M of ETH as value sank to $1.6k

• Ethereum whales used final week’s dip in costs to rapidly accumulate 1000’s of ETH.
• Information reveals 4 whale addresses purchased $94M of ETH as Ether value fell to lows of $1,540.

Ethereum value falling to below $1,600 final week supplied a possibility to not miss for 4 whales, blockchain sleuth Lookonchain has revealed.

Ethereum whales purchase the dip

Per the main points, the 4 pockets addresses collectively purchased $94 million in ETH, Ethereum’s native token. The whale exercise occurred as the value of Ether declined alongside that of Bitcoin and different crypto belongings throughout final week’s broader market sell-off.

Based on on-chain information, the three of the 4 whales purchased 18,000 ETH, 17,900 ETH and 18,200 ETH value greater than $30 million every. The opposite scooped 2,000 ETH value roughly $3.4 million.

Whales are accumulating $ETH from the underside!

4 whales accrued 56.1K $ETH ($94M) up to now 7 days.

– 0x3CEE accrued 18K $ETH($30M);

– 0x3478 accrued 2K $ETH($3.4M);

– 0x5bA3 accrued 17.9K $ETH($30M);

– smartestmoney.eth accrued 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p

— Lookonchain (@lookonchain) August 24, 2023

Market intelligence platform Santiment additionally highlighted a spike in whale exercise for Ethereum throughout final week’s market weak spot.

Notably, addresses with 10-10k ETH considerably added to their holdings as whale transactions hit 23k over the previous week. It’s the very best transaction depend for this class of enormous holders, with this coming as new 1,788 addresses joined the cohort.

🐳 #Ethereum‘s community has picked up in giant deal with exercise throughout this drop beneath $1,650 and its extremely unstable value situations. The quantity of wallets holding between 10 and 10,000 $ETH has risen again as much as 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf

— Santiment (@santimentfeed) August 24, 2023

ETH value is at the moment struggling for momentum above $1,600 because the market waits for a contemporary bout of volatility.