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Despite a significant recent price drop, an exciting development in the cryptocurrency world is the increase in whale accumulations of Ethereum (ETH). According to current on-chain data, the leading two whales appear to be experiencing a buying frenzy, accumulating ETH during price dips. It is worth noting that these whales have also accumulated ETH at low prices in the past and then sold at high prices to achieve notable profits.
On-Chain Data Signals High Whale Accumulation
On-chain data provider Spot On Chain reported that the owners of two whale-level wallet addresses starting with 0x347… and 0xc47… made significant purchases of ETH today. In parallel, the owner of the wallet address starting with 0x347… withdrew 3,600 ETH worth $8.84 million from Binance. The owner of the wallet address starting with 0xc47… withdrew 5,580 ETH worth $13.76 million from Coinbase.
Interestingly, these whales have been seen accumulating similar amounts of ETH in the past and have made high profits from these accumulations. The owner of the wallet address starting with 0xc47… returned to the market over a two-year period and made an estimated profit of $31.1 million with ETH between September 8, 2020, and March 9, 2022.
The owner of the wallet address starting with 0x347… accumulated ETH during last year’s bear market and transferred their ETH to exchanges when the price increased, seizing the opportunity.
ETH’s Price Is Falling
Current data shows that the price of ETH has fallen by 2.09% in the last 24 hours, trading at $2,482. The weekly price chart indicates a 4.92% decline in ETH, suggesting that whales are viewing the dip as a buying opportunity.
Moreover, it is important to note that the altcoin’s trading volume has increased by a significant 15.28% in the last 24 hours, currently standing at $11.93 billion. The high volume, an indicator of increased trading activity, could be attributed to purchases made by cryptocurrency whales.
