ethereum, the second-largest cryptocurrency by market capitalization, has faced turbulent waters. In recent days, the price of ethereum has increased ethereum” target=”_blank” rel=”nofollow”>a plummet, falling to lows of $2,800 on April 12, echoing the broader slowdown seen across the crypto landscape.
However, in the face of volatility, a fascinating development has emerged: ethereum whales, the giants of the crypto world, have begun to flex their muscles, displaying strategic maneuvers that have captured the attention and speculation of the crypto community.
Strategic accumulation amid turbulence
As the price of ethereum plummeted, ethereum whales wasted no time in taking advantage of the opportunity. A notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree when the price of eth fell.
With a staggering investment of 70 million USDC, this whale acquired a considerable amount of 23,790 eth when ethereum reached almost $2,930. However, this was not a spontaneous decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.
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Despite the recent 8% correction in the twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth price (24H), whales continue buying twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth!
1. Whale 0x435 spent $70 million to buy 23,790 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth at ~$2,942 4 hours ago:
• In total, the whale has accumulated 60,808 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth
– Spot on chain (@spotonchain) twitter.com/spotonchain/status/1779315441720270931?ref_src=twsrc%5Etfw” rel=”nofollow”>April 14, 2024
The right moment
The actions of “0x435” are just the tip of the iceberg in the broader phenomenon of ethereum accumulation by large holders. On-chain analytics companies such as Spot On Chain and Lookonchain have provided insight into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amid market turbulence.
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This whale spent 70M twitter.com/search?q=%24USDC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$USDC buy 23,790 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth to $2,942 from bottom again after twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth abandonment.
Has purchased 85,931 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth($278.5 million) twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Binance and twitter.com/hashtag/DEX?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#DEX last week, with an average purchase price of $3,241.
You still own $136 million in stablecoins and can buy more twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth.… pic.twitter.com/d7yYdqEnDB
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1779357520647327782?ref_src=twsrc%5Etfw” rel=”nofollow”>April 14, 2024
These whales do not act alone; They are part of a broader trend that suggests institutional players or sophisticated investors are strategically positioning themselves in anticipation of future market movements.
ethereum's journey through the storm
The broader context of ethereum's price movement adds another layer to this developing saga. ethereum's decline for three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty affecting the cryptocurrency market.
However, amid the stormy seas, ethereum managed a slight recovery, rising back to $3,107 at the time of writing, although it was still down 6.05% in the last 24 hours.
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ethereum is currently trading at $3.107. Chart: TradingView
Hong Kong approves ethereum ETFs
In another development, as the first jurisdiction to allow trading of bitcoin and ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.
Hong Kong's Securities and Futures Commission (SFC) had already granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is reviewing comparable applications. .
The SFC has given the go-ahead to several major financial institutions, including China Asset Management, Bosera Capital and HashKey Capital Limited, to launch bitcoin and ethereum cash exchange-traded funds (ETFs).
When combined, these cutting-edge financial instruments allow investors to pay cash for ethereum and bitcoin shares.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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