During a recent market downturn, Ethereum whales capitalized on the opportunity, amassing an impressive $1 billion in holdings. Cryptocurrency analyst Ali’s data for December revealed a consistent upward trend, showcasing an increase of over 410,000 ETH in holdings by Ethereum whales.
In the past month, #Ethereum whales bought over 410,000 $ETH, worth nearly $1 billion! pic.twitter.com/1gGguoEypx
— Ali (@ali_charts) January 6, 2024
Current on-chain reports from Lookonchain highlight ongoing whale activity, with a notable instance of a whale making substantial Ethereum purchases from Binance. The whale withdrew 9,705 ETH ($22.9 million) from Binance and subsequently deposited it into Compound.
Taking a bullish stance, the whale borrowed 12 million USDT to further acquire additional ETH. The trading activity involved three transactions, with two of them proving profitable and resulting in a $5 million profit.
A whale is buying $ETH from #Binance again!
The whale withdrew 9,705 $ETH($22.9M) from #Binance and deposited it into #Compound.
Then borrowed 12M $USDT to buy more $ETH.
The whale traded $ETH 3 times, 2 of which were profitable, with a profit of ~$5M.https://t.co/ZyJqsNlE9Y pic.twitter.com/1FAQcYeMm4
— Lookonchain (@lookonchain) January 10, 2024
More Ethereum Whales To Monitor
In a separate move, another whale expressed optimism about Ethereum while adopting a bearish stance on Bitcoin. This whale borrowed 241 WBTC ($11 million) from Aave in the past few hours and exchanged it for 4,677 ETH ($11 million).
This whale seems bullish on $ETH and bearish on $BTC.
He borrowed 241 $WBTC($11M) from #Aave in the past 4 hours and exchanged for 4,677 $ETH($11M).https://t.co/2W5FyKDEDa pic.twitter.com/d8PxOoinPr
— Lookonchain (@lookonchain) January 10, 2024
These strategic moves by Ethereum whales reflect a prevailing sentiment in the market, anticipating positive developments such as the potential approval of Ethereum Exchange-Traded Funds (ETFs). As anticipation for ETF approval grows, investors and large holders seem keen on bolstering their Ethereum positions, signaling confidence in the cryptocurrency’s future trajectory.
The proactive behavior of whales in accumulating substantial ETH holdings underscores the dynamic nature of the crypto market and the strategic considerations made by significant players in response to evolving market conditions and regulatory developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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