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Reading: Whales Accumulate Crypto During Market Dip
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COINTURK NEWS > Ethereum (ETH) > Whales Accumulate Crypto During Market Dip
Ethereum (ETH)

Whales Accumulate Crypto During Market Dip

In Brief

  • Whales buy the dip in crypto markets, Lookonchain reports.

  • An ETH whale repurchases 3,600 ETH after a price drop.

  • Large transfers to Binance indicate whale activity in Bitcoin.

COINTURK NEWS
COINTURK NEWS 1 year ago
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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.

Contents
Whale Accumulation in ETHMassive Transfer to Binance

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 22 January, 2024 - 12:35 am 22 January, 2024 - 12:35 am
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