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Home»ETHEREUM NEWS»The whale acquired nearly 24,000 ETH at a low price.
ETHEREUM NEWS

The whale acquired nearly 24,000 ETH at a low price.

By Crypto FlexsApril 16, 20244 Mins Read
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The whale acquired nearly 24,000 ETH at a low price.
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Ethereum, the second-largest cryptocurrency by market capitalization, is facing choppy conditions. Over the past few days, the price of Ethereum has plummeted, falling to a low of $2,800 on April 12, reflecting a broader slump seen across the cryptocurrency industry.

But in the face of volatility, fascinating developments have emerged. The behemoth of the cryptocurrency world, the Ethereum whale, is starting to flex its muscles, making strategic maneuvers that have captured the attention and speculation of the cryptocurrency community.

Strategic accumulation amidst turbulence

As the price of Ethereum 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 as the price of ETH fell.

With a massive investment of 70 million USDC, the whale acquired a massive 23,790 ETH when the Ethereum price reached nearly $2,930. But this was not an impromptu decision. Rather, it was part of a calculated strategy unfolding over several days that involved significant trading and withdrawals on both centralized exchanges such as Binance and decentralized exchanges.

Despite the recent 8% adjustment $ETH Price (24 hours), whales are still buying. $ETH!

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

• A total of 60,808 whales were accumulated. $ETH From ($191M) #Binance And here is the DEX for the last 15 hours: pic.twitter.com/ujZRULGAkX

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

good timing

The actions of “0x435” are just the tip of the iceberg in the broader phenomenon of Ethereum accumulation by large holders. On-chain analytics firms such as Spot On Chain and Lookonchain have provided insight into the size and timing of these whale trades, revealing strategic accumulation patterns amid market turmoil.

This whale spent 70 million $USDC 23,790 purchases $ETH Afterwards, it went back to the lowest point at $2,942. $ETH fell.

He purchased 85,931 units. $ETHFrom ($278.5M) #Binance and #DEX The average purchase price last week was $3,241.

He still has $136 million worth of stablecoins and could buy more. $ETH.… pic.twitter.com/d7yYdqEnDB

— Lookonchain (@lookonchain) April 14, 2024

These whales don’t act alone. This is part of a broader trend that suggests institutional players or sophisticated investors are strategically positioning in anticipation of future market movements.

Ethereum’s Journey Through the Storm

The broader context of Ethereum price movements adds another layer to this unfolding story. Ethereum’s three-day decline, from a high of $3,617 on April 13 to a low of $2,850, highlights the volatility and uncertainty gripping the cryptocurrency market.

However, despite the stormy seas, Ethereum has shown some recovery, climbing back up to $3,107 at the time of writing, although it is still down 6.05% in the last 24 hours.

Ethereum is currently trading at $3.107. Chart: TradingView

Hong Kong approves Ethereum ETF

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

Hong Kong’s Securities and Futures Commission (SFC) has previously permitted a number of well-known financial companies to establish such exchange-traded funds (ETFs), and the U.S. Securities and Exchange Commission (SEC) is currently considering similar applications.

SFC has joined several major financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, in launching Bitcoin and Ethereum cash exchange-traded funds (ETFs). Full permissions have been granted.

Combining these cutting-edge financial products allows investors to pay cash for Ethereum and Bitcoin stocks.

Featured image from Pexels, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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