Ethereum Whales Go on a Buying Spree as ETH Price Drops

Ethereum ETF Approval: BitMEX Founder Arthur Hayes & Grayscale CLO are Positive


Ethereum, the second-largest cryptocurrency by market capitalization, has faced a turbulent period, with its price plummeting to levels not seen in nearly three years against Bitcoin.

However, amidst this market volatility, a fascinating trend has emerged – deep-pocketed investors, often referred to as “whales,” have been strategically accumulating Ethereum.

TLDR

Ethereum’s price has experienced a significant drop, with ETH nearing 3-year lows against Bitcoin.
Amidst this price decline, Ethereum whales have been strategically accumulating ETH, indicating their confidence in the cryptocurrency’s potential.
One prominent whale, identified as “0x435,” acquired 23,790 ETH worth around $70 million during the price dip.
Hong Kong has approved the launch of Ethereum and Bitcoin exchange-traded funds (ETFs), potentially boosting institutional adoption.
Analysts suggest the current Ethereum price levels could present a buying opportunity before the ETFs launch.

The recent price drop has been significant, with Ethereum’s value against Bitcoin (ETH/BTC) falling to around 0.048 BTC, a level last witnessed in May 2021.

okex

Despite this decline, several key technical indicators are flashing bullish signals, and some analysts are anticipating potential gains ahead for the ETH/BTC pair.

One notable whale, identified as “0x435,” seized the opportunity to acquire a substantial amount of Ethereum during the price dip. With a staggering investment of 70 million USDC, this whale acquired 23,790 ETH when Ethereum hit nearly $2,930.

However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.

On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a broader pattern of strategic accumulation amidst the market turbulence.

These whales aren’t acting alone; they’re part of a wider trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.

The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.

However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.

Hong Kong ETFs

Hong Kong has set new precedents as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs).

The Securities and Futures Commission (SFC) of Hong Kong has granted permission to several prominent financial corporations, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to establish these ETFs.

While the US Securities and Exchange Commission (SEC) is currently reviewing similar applications, Hong Kong has taken the lead in this space.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Crypto-Trend
Changelly
Crypto-Trend
Ethereum ETF Approval: BitMEX Founder Arthur Hayes & Grayscale CLO are Positive
okex
Fiverr
Tests $2,500 Support Level Amid International Trade Tensions
Ethereum (ETH) Price Stabilizes at $2,500 as Institutions Favor Bitcoin ETFs
MEXC's Insurance Fund Account Provides $414M+ to Mitigate Traders' Bankruptcy Losses
Ethereum Price Analysis: Why is ETH Under-Performing This Year?
Ethereum (ETH) Price Action Shows Strength as Bulls Target $3,800 Mark
Is Ethereum's (ETH) Price Slump Coming to an End? On-Chain Data Offers Clues
bitcoin
ethereum
tether
binancecoin
solana
ripple
usd-coin
staked-ether
dogecoin
binance-usd
Ledger
Paxful
CLS Global Navigates New U.S. Cryptocurrency Landscape
Ethereum reaches all-time high volume of $38B as Eric Trump voices bullish sentiment
TVM Ventures Unveils $100 Million Debut Fund for the TON Ecosystem
Crypto Market Topping Out? Analysts Weigh In as Bitcoin Drops Under $100,000
Dogecoin (DOGE) Could Surge by Another 30% if its Price Holds This Level: Analyst
CLS Global Navigates New U.S. Cryptocurrency Landscape
Ethereum reaches all-time high volume of $38B as Eric Trump voices bullish sentiment
TVM Ventures Unveils $100 Million Debut Fund for the TON Ecosystem
Crypto Market Topping Out? Analysts Weigh In as Bitcoin Drops Under $100,000
bitcoin
ethereum
tether
binancecoin
solana
ripple
usd-coin
staked-ether
dogecoin
binance-usd
bitcoin
ethereum
tether
binancecoin
solana
ripple
usd-coin
staked-ether
dogecoin
binance-usd