Ethereum Whales Accumulate Over $331M in ETH During Market Correction

While many investors panicked and scratched their heads in fear during the recent correction that rocked the entire crypto market, some whales showed confidence in Ethereum’s long-term potential by purchasing 144,071 ETH, valued at about $331.11 million.

According to the blockchain analytics platform Lookonchain, an entity known as “7 Siblings” started buying ETH when it was around $2,600 and continued as the price dropped to $2,191. They bought 56,093 ETH at an average price of $2,305.

Lookonchain reported that this buying spree happened over 12 hours on August 4 and 5, 2024. The entity converted $129.3 million worth of USD Coin (USDC) to ETH using platforms like 1inch and Uniswap.

Bullish or Bearish on $ETH?

We noticed that 5 whale addresses bought 144,071 $ETH($331.11M) during the market crash!

7 Siblings spent 129.3M $USDC to buy 56,093 $ETH at $2,305.

0x267e…f91e spent 101.97M $USDC to buy 44,653 $ETH at $2,284.
#Nomad Bridge Exploiter spent… pic.twitter.com/yZoHPUn5eC

— Lookonchain (@lookonchain) August 6, 2024

Data from blockchain analytics platform Arkham Intelligence shows that the wallet linked to 7 Siblings holds over $264 million in various cryptocurrencies. Ethereum is the largest asset, with 62,958 ETH worth $158 million. Other holdings include $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million in Wrapped NXM (WNXM).

Whales Shopping for Cheap ETH 

7 Siblings was not  the only entity who bought the fearful ETH dip. Lookonchain identified four other crypto whales that also bought ETH at lower prices. The second-largest buyer was an unlabeled address, 0x267e…f91e, which spent $101.97 million in USDC to buy 44,653 ETH at an average price of $2,284.

According to on-chain data, some hackers also took advantage of the buying opportunity as the Nomad Bridge exploiters spent $39.75 million in DAI to purchase 16,892 ETH at $2,353 per coin.

Wallet address 0x5ac5…a17e spent $37 million USDT to purchase 16,407 ETH at $2,255 per ETH while address  0xCaf1…666E splashed $23.08 million in USDC to acquire 10,026 ETH at an average price of $2,302.

Furthermore, CoinTab reported earlier today that Ethereum Exchange-Traded Fund (ETF) investors also aped on the dip, pouring $49 million into ETH ETFs, signaling increased optimism and confidence in the digital asset.