Despite recent price drops, Ethereum (ETH) whales are increasing their holdings, indicating a buying spree during the downturn. Historical patterns show these whales have previously accumulated ETH at low prices and sold at higher rates for significant profits.
Chain data provider Spot On Chain reported that two whale-level wallet addresses, starting with 0x347… and 0xc47…, made substantial ETH purchases today. The owner of the 0x347… address withdrew 3,600 ETH worth $8.84 million from Binance, while the owner of the 0xc47… address withdrew 5,580 ETH valued at $13.76 million from Coinbase.
These whales have a history of accumulating similar amounts of ETH and realizing high returns. The owner of the 0xc47… address made an estimated $31.1 million in profits trading ETH between September 8, 2020, and March 9, 2022.
The owner of the 0x347… address accumulated ETH during last year’s bear market and transferred holdings to exchanges when prices rose, capitalizing on the market recovery.
Current data shows ETH’s price has decreased by 2.09% in the last 24 hours to $2,482, with a 4.92% drop over the week, suggesting whales see the dip as a buying opportunity. Additionally, Ethereum’s 24-hour trading volume has surged by 15.28%, reaching $11.93 billion, likely driven by whale purchases.