According to analytics firm Lookonchain, whales are buying the dip in the crypto markets. Lookonchain noted that a whale with a solid track record of profitable trades purchased over 3,600 ETH as the price of Ethereum fell.
Whale Accumulation in ETH
While the crypto markets, primarily Bitcoin (BTC), continue to experience volatility due to ETFs, it has been revealed that an ETH whale has switched to accumulation mode. The company stated the following in their remarks:
After the price of ETH fell on Friday, this savvy whale repurchased 3,600 ETH at a lower price for $8.9 million… This whale is very good at buying ETH at low prices and selling at high prices. The whale’s profit is currently ~$25.8 million!
Lookonchain also suggested that a whale caught decentralized oracle provider Chainlink (LINK) when it dropped to $14.81. Following the price drop of LINK on Friday, a whale spent $8.9 million to purchase 601,949 LINK at $14.81 through three new wallets.
Massive Transfer to Binance
LINK’s price seemed to stabilize after the large whale purchase. At the time of writing, LINK was trading at $15.53. When addressing Bitcoin, the on-chain data monitoring firm revealed that due to the price dropping below the $42,000 level, a crypto whale withdrew approximately $30 million worth of BTC from the leading crypto exchange Binance, stating:
It appears that a whale is buying BTC! During the recent market downturn, a new wallet withdrew 700 BTC (worth $29.36 million) from Binance at an average price of $41,948.
In conclusion, certain whales have been observed supporting the market by purchasing during dips in crypto assets, with Ethereum and Chainlink whales making significant purchases. At the time of writing, BTC was trading at $41,570 while ETH was trading at $2,470.
