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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Ethereum

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Ethereum, one of the leading cryptocurrencies, finds itself amidst a price decline alongside the broader crypto industry. This downturn has been exacerbated by escalating tensions in the Middle East, casting a shadow of uncertainty over the market. As the majority of cryptocurrencies experience a bleed in value, Ethereum is not immune to the trend. However, while retail investors panic-sell their holdings, on-chain data presents a different picture. Big player whales in the market are seizing the opportunity to accumulate assets, displaying a bullish sentiment amid the turmoil.

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Particularly, on-chain data from Lookonchain has shown an Ethereum whale accumulating during the price decline. Interestingly, the timeline of accumulation suggests that this whale has been in action even before the escalating tensions in the Middle East.

Ethereum Whales Accumulate During Market Downturn

On-chain transaction tracker Lookonchain has noted both a selloff and accumulation trend from different Ethereum whales in the past few days. One of the latest accumulations came from a whale that has been on constant withdrawals from crypto exchange Binance.

As revealed by Lookonchain, whale “0x4359” has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days. This whale’s latest withdrawal from Binance was less than 12 hours ago, where they withdrew 37,018 ETH worth $120.7 million.

Ethereum on the other hand, has fallen from $3,722 to as low as $2,866 in the last five days, representing a 23% price decline. In a similar manner, 7,300 ETH worth $23.8 million were transferred from Binance into “0xE347,” a newly created whale wallet. 

It seems that whales bought $ETH at the bottom!

Whale”0x4359″ withdrew 37,018 $ETH($120.7M) from #Binance 4 hrs ago and this whale has withdrawn 62,141 $ETH($202.6M) from #Binance in the past 5 days.https://t.co/41366OnM5Y

Fresh whale wallet”0xE347″ withdrew 7,300 $ETH($23.8M)… pic.twitter.com/qEtTSYU3Us

— Lookonchain (@lookonchain) April 13, 2024

That said, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop. It’s important to note that this same whale withdrew 26,698 ETH worth $94.3 million from Binance between Feb. 7 and April 1.

In another social media post, Lookonchain revealed four whales dumping 31,683 ETH worth $106 million during the price drop.

Total crypto market cap is currently at $2.261 trillion. Chart: TradingView

What’s Next For Ethereum?

The ETH accumulation and selloffs from different whale cohorts highlight the contrasting trading strategies between large holders of the crypto asset. While some are selling off, others are taking advantage of the low prices and buying the dip. 

It would seem the whale accumulation is still outweighing selloffs from their counterparts at the time of writing. Despite this, a selloff from retail investors has tipped the price action in favor of the bears. As a result, Ethereum now finds itself trading around the $3,000 price level, which remains a crucial price level.

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A continued accumulation from whales could eventually tip the price of Ethereum to the side of the bulls as tensions in the global market start to subside. We could then see Ethereum hold up above $3,000 and surge upwards at least till it reaches $3,200. A continued selloff could lead to a further price decline, causing Ethereum to break below $3,000.

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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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Created by industry experts and meticulously reviewed
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