In the wake of a more than 5% decline in the past 24 hours on Monday, Ethereum ($ETH), the second-largest cryptocurrency, underwent a noticeable correction. Despite this dip, the resilience of investors to capitalize on the lower prices suggests that the market’s bullish momentum may not be dissipating.
According to insights from Lookonchain, a savvy whale recently made a move by depositing 55M $USDT to Binance, signaling an intent to acquire ETH during this downturn. Notably adept at swing trading $ETH, this whale had previously sold 25,700 $ETH ($54.5M) on Nov 9.
— Lookonchain (@lookonchain) December 11, 2023
After patiently waiting for a month, the same investor has now opted to re-enter the $ETH market amidst the recent price decline.
DWF Labs Disclosed Its Largest $ETH Accumulation
Adding to the intrigue, DWF Labs, a prominent market maker, disclosed its largest accumulation of $ETH over the past 2 months. In a strategic move, the labs withdrew 280 $ETH ($626K) from Bitfinex a few hours ago, hinting at a commitment to a longer-term hold strategy for the token.
⚠️ Smart traders may take advantage of the recent market crash to accumulate $ETH!
– The whale tended to deposit a large amount of stablecoins to Binance before starting… pic.twitter.com/jtC0OZR845
— Spot On Chain (@spotonchain) December 11, 2023
While Ethereum experiences a short-term correction, the actions of these key players in the market paint a picture of optimism. The smart whale’s return to $ETH after a month-long hiatus and DWF Labs’ continued accumulation signal a belief in the potential for an upward trajectory in the near future.
As the market remains dynamic, these whale activities provide a glimpse into the confidence that still resides within the Ethereum ecosystem, showcasing a nuanced perspective beyond the recent price movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.