Ethereum, one of the leading cryptocurrencies, finds itself amidst a price decline alongside the broader crypto industry. This downturn has been exacerbated by escalating tensions in the Middle East, casting a shadow of uncertainty over the market. As the majority of cryptocurrencies experience a bleed in value, Ethereum is not immune to the trend. However, while retail investors panic-sell their holdings, on-chain data presents a different picture. Big player whales in the market are seizing the opportunity to accumulate assets, displaying a bullish sentiment amid the turmoil. Related Reading: Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over? Particularly, on-chain data from Lookonchain has shown an Ethereum whale accumulating during the price decline. Interestingly, the timeline of accumulation suggests that this whale has been in action even before the escalating tensions in the Middle East. Ethereum Whales Accumulate During Market Downturn On-chain transaction tracker Lookonchain has noted both a selloff and accumulation trend from different Ethereum whales in the past few days. One of the latest accumulations came from a whale that has been on constant withdrawals from crypto exchange Binance. As revealed by Lookonchain, whale “0x4359” has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days. This whale’s latest withdrawal from Binance was less than 12 hours ago, where they withdrew 37,018 ETH worth $120.7 million. Ethereum on the other hand, has fallen from $3,722 to as low as $2,866 in the last five days, representing a 23% price decline. In a similar manner, 7,300 ETH worth $23.8 million were transferred from Binance into “0xE347,” a newly created whale wallet. It seems that whales bought $ETH at the bottom! Whale”0x4359″ withdrew 37,018 $ETH($120.7M) from #Binance 4 hrs ago and this whale has withdrawn 62,141 $ETH($202.6M) from #Binance in the past 5 days.https://t.co/41366OnM5Y Fresh whale wallet”0xE347″ withdrew 7,300 $ETH($23.8M)… pic.twitter.com/qEtTSYU3Us — Lookonchain (@lookonchain) April 13, 2024 That said, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop. It’s important to note that this same whale withdrew 26,698 ETH worth $94.3 million from Binance between Feb. 7 and April 1. In another social media post, Lookonchain revealed four whales dumping 31,683 ETH worth $106 million during the price drop. Total crypto market cap is currently at $2.261 trillion. Chart: TradingView What’s Next For Ethereum? The ETH accumulation and selloffs from different whale cohorts highlight the contrasting trading strategies between large holders of the crypto asset. While some are selling off, others are taking advantage of the low prices and buying the dip. It would seem the whale accumulation is still outweighing selloffs from their counterparts at the time of writing. Despite this, a selloff from retail investors has tipped the price action in favor of the bears. As a result, Ethereum now finds itself trading around the $3,000 price level, which remains a crucial price level. Related Reading: Uniswap Bloodbath: UNI Price Crashes 16% On SEC Lawsuit Fears A continued accumulation from whales could eventually tip the price of Ethereum to the side of the bulls as tensions in the global market start to subside. We could then see Ethereum hold up above $3,000 and surge upwards at least till it reaches $3,200. A continued selloff could lead to a further price decline, causing Ethereum to break below $3,000. Featured image from Pexels, chart from TradingView
Bitcoin is still pushing a price recovery on its quest to return to the $70,000 price level. This has seen the cryptocurrency now trading above $69,000, up by 1.6% in the past 24 hours. This price fluctuation has occurred in the middle of increased accumulation activity from some whales and some short-term holders. Related Reading: Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom Blockchain analytics platform Lookonchain has revealed an instance of whale activity on social media. An interesting transaction came from a whale wallet which recently woke up after 10 years of dormancy to transfer 246 BTC worth $16.73 million. Bitcoin Whale Wakes Up From 10-Year Slumber The Bitcoin blockchain is home to a vast number of early investors with large amounts of BTC that have remained dormant for many years. In fact, the re-ignition of dormant Bitcoin addresses has been sporadic for the past six months, particularly as the price of Bitcoin surged to new all-time highs and with most causing a stir and rising interest amongst Bitcoin investors. According to Lookonchain, a new Bitcoin whale address has been added to the roster of wallets raised from the dead. The whale address “1CLxmH” which held 1,701 BTC (worth $115 million at the time of writing) during its 10-year period of dormancy, recently woke up and transferred 246 BTC worth $16.73 million into another wallet. Interestingly, on-chain data shows the whale address received 4,272 BTC throughout 2013 at an average price of $29.39. A whale with 1,701 $BTC($115.42M) woke up after 10 years of dormancy and transferred 246 $BTC($16.73M) out 20 mins ago. The whale received 4,272 $BTC($125,541 at the time) in 2013 at an average price of only $29.39. Address: 1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb — Lookonchain (@lookonchain) April 6, 2024 Incoming Sell Pressure? Reactivations of old dormant wallets are often driven by whales looking to sell all or some of their holdings. Massive selloffs like this often lead to a price slump and increase the selling pressure from short-term investors. However, the motive behind the reactivation of dormant addresses is impossible to predict and not all of them indicate profit-taking. Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com In this case, transaction data shows the assets were transferred into two new private wallets. 50 BTC were transferred into address “1PRREb,” while 195 BTC were transferred into address “bc1qga.” At the time of writing, address “1CLxmH” still holds 1,455 BTC worth $100.89 million. Related Reading: Bitcoin Dips, But Don’t Panic: ETFs See Three Days Of Bullish Inflow In the ongoing spirit of an accumulation from whales, Lookonchain outlined a new purchase from another whale address. This address, which has accumulated 1,308 BTC worth $89.75 million at an average price of $68,617 since March 6, purchased another 113.735 BTC worth $7.85 million from Binance less than 12 hours ago. With Bitcoin trading at $69,348, this wallet now holds $90.7 million worth of the cryptocurrency. Blockchain analytics platform Santiment noted this accumulation pattern by the whales, revealing wallets holding between 100 and 100,000 BTC have purchased $21.6 billion worth of the cryptocurrency in the last three months. Featured image from Pexels, chart from TradingView
On-chain data suggests the whale entities have bought up around 5% of the supply of the major stablecoins over the past three weeks. Whales Have Been Gobbling Up Stablecoin Supply Recently According to data from the on-chain analytics firm Santiment, whales have been rapidly accumulating the stablecoin supply recently. Whales here refer to investors holding […]
Shiba Inu (SHIB) whales are at it again, with large transactions involving the meme coin recorded lately. These high-volume transactions have piqued the interest of other investors, who have deliberated on whether this could be the perfect opportunity to accumulate the meme coin. Shiba Inu Whale Transfers 2 Trillion SHIB Tokens On-chain analytics platform Whale […]
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