Ethereum Whales Accumulate Over 56,000 ETH Following Market Downturn

After the recent market slump, Ethereum’s big players, commonly known as ‘whales,’ have been on a buying spree, amassing more than 56,000 ETH.

This could signal an upcoming rebound in the cryptocurrency’s value, according to data shared by Lookonchain on social media platform X. Last week, Lookonchain disclosed the activities of Ethereum whales, shedding light on the sentiments of these major investors and their outlook for this digital asset.

According to screenshots shared by the tracking platform, four Ethereum whales made significant purchases, resulting in a substantial increase in their holdings. Collectively, these whales acquired a total of 56,100 ETH, valued at approximately $94 million, over the past week.

The identified whales, namely “smartestmoney.eth,” “0x3CEE,” “0X5bA3,” and “0x3478,” purchased 18,300 ETH ($30.6 million), 18,000 ETH ($30 million), 17,900 ETH ($30 million), and 2,000 ETH ($3.4 million), respectively, during this period.

It’s worth noting that the whale identified as “0x3CEE” made an additional purchase of 4,700 ETH ($7.7 million) 36 hours ago. The others have not shown any new activity in their wallets as of yet. Interestingly, all these whales made their acquisitions through multiple transactions, withdrawing significant amounts of ETH from cryptocurrency exchanges like Binance and OKX. What makes this even more intriguing is that these accumulations began after the market crash that brought ETH down to the $1,500 level, suggesting that these whales might be attempting to identify a potential market bottom.