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Ethereum (ETH) whales are taking different directions, causing a stir in the market. While an ICO whale has been offloading their holdings, another major entity has seized the opportunity to buy in at lower prices.
ICO Whale Offloads Millions in ETH
According to blockchain analytics firm Lookonchain, an Ethereum ICO participant sold $47.54 million worth of ETH over the past two days. This whale had originally acquired 150,000 ETH during the ICO from Genesis, paying $46,500 for the entire amount. Since then, the value of these holdings has skyrocketed to $358 million.
In the past week, this whale also sold 32,000 ETH, continuing their recent pattern of unloading large amounts of Ethereum.
Mysterious Whale Buys the Dip
While the ICO whale was selling off, a mysterious entity known as “7 Siblings” made a significant move by buying into the recent market dip. This entity re-entered the market, spending $66 million USDC to acquire 28,120 ETH at an average price of $2,350 per coin.
This isn’t the first time this whale has made a bold purchase. On August 5th, amid another market crash, they spent $129.3 million USDC to buy 56,093 ETH at an average price of $2,305.
The mysterious “7 Siblings” with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip!
Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305.
Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast
— Spot On Chain (@spotonchain) October 3, 2024
These opposing moves from significant Ethereum whales have left the market watching closely, with some speculating on the motives behind these large transactions.
