Ethereum ETH/USD whales on Thursday took advantage of the drop in crypto markets to accumulate their holdings.
What Happened: Lookonchain reports that four entities collectively acquired $94 million worth of ETH over the course of the past week.
https://twitter.com/lookonchain/status/1694560619993940293/
These entities, often referred to as “whales,” collectively purchased millions of dollars worth of cryptocurrency.
The first entity, smartestmoney.eth, acquired 18,300 ETH, which is equivalent to approximately $30.6 million. The second entity, 0x3CEE, purchased 18,000 ETH, amounting to around $30 million.
The third entity, 0X5bA3, acquired 17,900 ETH, worth approximately $30 million. Lastly, the fourth entity, 0x3478, bought 2,000 ETH, valued at approximately $3.4 million.
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Why It Matters: These transactions involved withdrawing substantial amounts of ETH from crypto exchanges Binance and OKX.
It is worth noting that these acquisitions began following the market crash that caused ETH to drop to as low as $1,500.
During the market tumult on Thursday, the price of ETH briefly plummeted to $1,547, triggered by a series of liquidations.
Price Action: At the time of writing, ETH was trading at $1,655, down 1.8% in the last 24 hours, according to Benzinga Pro.
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