Crypto whales are buying a correction in digital asset markets, according to blockchain tracking firm Lookonchain.
Lookonchain says that as the price of Ethereum fell, “smart whales” with a solid track record of profitable trades bought the dip above 3,600 ETH.
“After the price of ETH fell (on Friday), this smart whale bought back 3,600 ETH ($8.9 million) at a lower price…
These whales are very good at buying ETH at low prices and selling ETH at high prices.
Current revenue is ~$25.8 million!”
As of this writing, ETH is trading at $2,470.
Lookonchain also spotted a whale buying decentralized oracle provider Chainlink (LINK) as it fell to the $14.81 level.
After the price of LINK fell on Friday, the whale spent $8.9 million to purchase 601,949 LINK at $14.81 along with three new wallets.
The price of LINK appears to have stabilized following the purchase of the large whale. As of this writing, LINK is trading at $15.53.
Looking at Bitcoin, an on-chain data tracking company found that cryptocurrency whales withdrew approximately $30 million worth of BTC from cryptocurrency exchange Binance after the price fell below the $42,000 level.
“It looks like whales are buying BTC!
In the recent market decline, new wallets withdrew 700 BTC ($29.36 million) from Binance at an average price of $41,948.”
As of this writing, BTC is trading at $41,570.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney