Amidst growing international turmoil, cryptocurrencies experienced a major setback as the total index dropped an impressive 17%, equating to around $430 billion in market value loss over the weekend. This instability impacted all digital currencies, but Ethereum (ETH), the second-largest cryptocurrency by market cap, saw a particularly significant decrease of 18.43%, bringing its price down to $2,852 per Ethereum.
Despite the volatile market conditions, it was intriguing to notice a significant development – major players in the crypto world, commonly known as “whales,” remained steadfast in their belief in Ethereum’s future. Remarkably, large Ethereum addresses were detected amassing considerable amounts of ETH during the price decline.
Whale activities
One specific whale, labeled as “0xE34,” took advantage of the market dip and bought 1,000 ETH for roughly $3.15 million from Binance. Later on, this same address successfully acquired an impressive amount of 8,300 ETH, equivalent to around $25.12 million in value.
The whale bought 1,000 dollars worth of Ethereum (3.15 million dollars) from Binance when the market hit rock bottom. After the market decline, they amassed an additional 8,300 dollars’ worth of Ethereum (25.12 million dollars).
— Lookonchain (@lookonchain) April 15, 2024
Additionally, a notable wallet linked to Matrixport took a bold step by transferring out 16,300 ETH, equivalent to around $51.1 million, from Binance during the market chaos. This wallet has been actively withdrawing ETH from various exchanges since March 29, amassing a substantial holding of 67,286 ETH, worth roughly $228.33 million, with an average purchase price of $3,393.
Matrixport, a major figure in the crypto financial services industry, helps institutions and individual investors around the world manage and trade digital assets with ease.
During times of Ethereum market turmoil, significant investments from prominent figures demonstrate their faith in Ethereum’s potential as the top altcoin. Even amidst geopolitical tensions and price fluctuations, Ethereum retains a positive outlook among its influential investors.
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2024-04-15 12:30