The cryptocurrency market started the day with a decline, following a $4,000 pullback in Bitcoin (BTC). The largest cryptocurrency’s withdrawal from 44,000 dollars to 40,400 dollars caused double-digit declines in many altcoin prices. The altcoin king, Ethereum‘s ETH, also got its fair share of the widespread market decline. After ETH’s price dropped to 2,200 dollars, it was observed that the smart money began to move.
Smart Money Started Accumulating ETH during the Dip
On-chain data provider Spot On Chain reported that smart money has started moving for Ethereum. According to the data, the owner of the whale-level wallet address starting with 0xb15…, who made a profit of 16.25 million dollars from ETH investment, deposited 55 million Tether (USDT) worth 55 million dollars to the cryptocurrency exchange Binance after the decline today.
Spot On Chain predicts that the crypto whale will start a new ETH buying round, highlighting the trend of depositing large amounts of stablecoin to Binance before the predicted buying round.
Moreover, it was detected that market-making company DWF Labs withdrew 280 ETH worth 626 thousand dollars from the Bitfinex exchange just before noon. The fact that DWF Labs has withdrawn ETH from the cryptocurrency exchange indicates that it is accumulating in the altcoin king. Moreover, with this move, the market maker made its largest ETH withdrawal in the last two months.
The Latest on Ethereum Price
According to the data provided by the crypto data and price platform CoinMarketCap, ETH is trading at 2,243 dollars with a decrease of 4.42% in the last 24 hours. Along with the drop in price, it is noticeable that the trading volume of the altcoin king has also increased. With the current data, ETH’s trading volume increased by 61.92% to 13.17 billion dollars in the last 24 hours.
With the decline in the first hours of the day, ETH lost its gains of the last 7 days. With current data, the altcoin’s price is trading with a loss of 0.55% in the last 7 days.
