Whales used Ethereum price dip to buy $94M of ETH

• Ethereum whales used last week’s dip in prices to quickly accumulate thousands of ETH.
• Data shows 4 whale addresses bought $94M of ETH as Ether price fell to lows of $1,540.

Ethereum price falling to under $1,600 last week provided an opportunity not to miss for four whales, blockchain sleuth Lookonchain has revealed.

Ethereum whales buy the dip

Per the details, the four wallet addresses collectively bought $94 million in ETH, Ethereum’s native token. The whale activity happened as the price of Ether declined alongside that of Bitcoin and other crypto assets during last week’s broader market sell-off.

According to on-chain data, the three of the four whales bought 18,000 ETH, 17,900 ETH and 18,200 ETH worth more than $30 million each. The other scooped 2,000 ETH worth approximately $3.4 million.

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

Market intelligence platform Santiment also highlighted a spike in whale activity for Ethereum during last week’s market weakness.

Notably, addresses with 10-10k ETH significantly added to their holdings as whale transactions hit 23k over the past week. It’s the highest transaction count for this category of large holders, with this coming as new 1,788 addresses joined the cohort.

🐳 #Ethereum‘s network has picked up in large address activity during this drop below $1,650 and its highly volatile price conditions. The amount of wallets holding between 10 and 10,000 $ETH has risen back up to 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf

— Santiment (@santimentfeed) August 24, 2023

ETH price is currently struggling for momentum above $1,600 as the market waits for a fresh bout of volatility.