Analytic firm Lookonchain reports that whales are buying the dip in the crypto markets. They highlighted a whale with a solid track record of profitable trades purchasing over 3,600 ETH as Ethereum’s price fell. This accumulation occurs amidst ongoing volatility in crypto markets, particularly Bitcoin (BTC), due to ETF-related factors.
The company noted that after a drop in ETH’s price on Friday, the savvy whale repurchased 3,600 ETH for $8.9 million at a lower price. This whale is adept at buying ETH at low and selling at high prices, currently sitting on an estimated profit of ~$25.8 million.
Lookonchain also suggested that a whale caught decentralized oracle provider Chainlink (LINK) at $14.81. Following LINK’s price drop on Friday, a whale, along with three new wallets, spent $8.9 million to acquire 601,949 LINK.
After the substantial whale purchase, LINK’s price appeared to stabilize, trading at $15.53 at the time of writing. When addressing Bitcoin, the firm revealed a crypto whale withdrew approximately $30 million worth of BTC from Binance following a drop below the $42,000 price level.
In conclusion, certain whales are observed to be supporting the market by purchasing during dips, with Ethereum and Chainlink whales making significant buys. At the time of writing, BTC is trading at $41,570, while ETH is at $2,470.