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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Whales Ready For Next Leg-Up After Buying 56,000 ETH

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum whales

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Following the crypto market crash last week, Ethereum whales look to be gearing up for a recovery as they accumulate ETH. This accumulation trend is very telling of what these large investors expect the market to do next, which could serve as an indication of what’s to come.

Ethereum Whales Buy Over 56,000 ETH

On Thursday, the on-chain data tracker Lookonchain took to X (formerly Twitter) to reveal the activities of Ethereum whales over the last week. The post shed light on the sentiment among these large holders and showed their expectations for the digital asset.

Related Reading

Ethereum whales

Ethereum Whales Ready For Next Leg-Up After Buying 56,000 ETH

2 years ago

According to the screenshots posted by the tracker, four Ethereum whales went on an impressive buying that saw their balances jump significantly. Between them, they bought a total of 56,100 ETH, worth $94 million, in the last week alone.

These whales identified as smartestmoney.eth, 0x3CEE, 0X5bA3, and 0x3478 bought 18,300 ETH ($30.6 million), 18,000 ETH ($30 million), 17,900 ETH ($30 million), and 2,000 ETH ($3.4 million), respectively, during this seven-day timeframe.

Whales are accumulating $ETH from the bottom!

4 whales accumulated 56.1K $ETH ($94M) in the past 7 days.

– 0x3CEE accumulated 18K $ETH($30M);

– 0x3478 accumulated 2K $ETH($3.4M);

– 0x5bA3 accumulated 17.9K $ETH($30M);

– smartestmoney.eth accumulated 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p

— Lookonchain (@lookonchain) August 24, 2023

All of the whales acquired this stash over multiple transactions, withdrawing large amounts of ETH from crypto exchanges Binance and OKX. Even more interesting is the fact that these accumulations began after the market crash that saw ETH fall to $1,500, suggesting these whales are trying to catch the bottom.

Is An ETH Recovery Imminent?

Ethereum’s fall to $1,600 pushed the assets below critical levels for maintaining its bullish momentum. These include the 100-day and 200-day moving averages. However, it is not all bad for the digital asset going forward.

As the Crypto Fear & Greed Index shows, investor sentiment has been slowly but surely recovering over the last few days. This suggests that faith is returning for investors and they are beginning to put money back into the market. If this continues, then the influx could see the price of Bitcoin continue to recover, dragging the likes of Ethereum along with it.

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SHIB Burn Rate Jump 1,100% Amid Expectations Of Shibarium Relaunch

1 year ago

Right now, the most important level for ETH to beat remains the resistance at $1,700. But if bulls are able to successfully retake this level and turn it into support, then the recovery is expected to be long-lived. Otherwise, the price of the altcoin could fall back toward $1,500.

At the time of writing, ETH is changing hands at $1,664, meaning the whale investors are already sitting in profit.

Ethereum price chart from Tradingview.com (ETH Whales)

ETH whales reclaim support above $1,600 | Source: ETHUSD on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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