Major ETH Holders Seize $94 Million Worth of Ethereum Amidst Sharp Price Drop
Amidst the recent plummet in prices, significant interest was stirred among notable holders.
Prominent investors in the Ethereum (ETH) ecosystem capitalized on the price decline following last week's downturn in the cryptocurrency markets, as evidenced by blockchain data. According to Lookonchain, four major "whale" entities collectively accumulated a substantial $94 million worth of ETH within the past week.
Whales are accumulating $ETH from the bottom!— Lookonchain (@lookonchain) August 24, 2023
4 whales accumulated 56.1K $ETH ($94M) in the past 7 days.
- 0x3CEE accumulated 18K $ETH($30M);
- 0x3478 accumulated 2K $ETH($3.4M);
- 0x5bA3 accumulated 17.9K $ETH($30M);
- smartestmoney.eth accumulated 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p
Referred to as whales, these individuals or entities wield considerable control over substantial quantities of digital assets. Their buying and selling activities possess the potential to exert a substantial influence on market conditions, prompting close scrutiny from crypto observers who seek to anticipate market trends based on their actions.
These whale-driven acquisitions transpired against the backdrop of ETH experiencing its lowest valuation since June. This slump was triggered by a cascade of liquidations, causing the price to dip to as low as $1,547 during late hours on Thursday. Prior to this drop, ETH had been trading at nearly $1,700. Notably, at this juncture, the cryptocurrency's relative strength index (RSI) indicated an oversold condition, mirroring a state not seen since the FTX exchange collapse in November, which had pushed ETH below the $1,000 threshold.
This trend of notable investors capitalizing on reduced prices extends beyond Ethereum, as large-scale Bitcoin investors also took advantage of the situation to expand their holdings. Wallets holding between 10 and 10,000 BTC seized the opportunity and collectively added a substantial $309 million worth of BTC since August 17, as highlighted by crypto analytics firm Santiment.