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Ethereum: Whale Snags Nearly 24,000 ETH At Bargain Price
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price

Christian Encila
Christian Encila
1 year ago
4 mins read
Ethereum

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Ethereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of $2,800 on April 12, echoing the broader downturn witnessed across the crypto landscape.

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However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community.

Strategic Accumulation Amidst Turbulence

As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped.

With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly $2,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.

Despite the recent 8% correction in the $ETH price (24H), whales are still buying $ETH!

1. Whale 0x435 spent 70M$ USDC to buy 23,790 $ETH at ~$2,942 4 hours ago:

• In total, the whale has accumulated 60,808 $ETH ($191M) from #Binance and DEX in the past 15 hours, after each… pic.twitter.com/ujZRULGAkX

— Spot On Chain (@spotonchain) April 14, 2024

The Right Timing

The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence.

This whale spent 70M $USDC to buy 23,790 $ETH at $2,942 from the bottom again after $ETH dropped.

He has bought 85,931 $ETH($278.5M) from #Binance and #DEX in the past week, with an average buying price of $3,241.

He still holds $136M stablecoins and may buy more $ETH.… pic.twitter.com/d7yYdqEnDB

— Lookonchain (@lookonchain) April 14, 2024

These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.

Ethereum’s Journey Through The Storm

The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.

However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.

Ethereum is currently trading at $3.107. Chart: TradingView

Hong Kong Gives Nod To Ethereum ETFs

In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.

The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications.

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Bitcoin Investors In The Red: Losses Trump Profits As Ratio Dips Below 1

1 year ago

The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs).

When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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