Mysterious whale accumulates ETH after market dip
The post Mysterious whale accumulates ETH after market dip appeared on BitcoinEthereumNews.com. A newly created wallet turned into an ETH whale after buying the recent dip. The buyer appeared after nearly $80M in long liquidations for ETH. Whale activity remains significant for Ethereum (ETH), as whales are buying the dip. One newly created wallet withdrew 50,256 ETH from the Binance hot wallet, in tranches of 3,000 ETH. The whale started filling up the new wallet in the past 24 hours, after being first funded by a known Binance hot wallet. The whale started buying during one of the periods of rapidly sliding prices for ETH, when the asset wiped out more than 12% of its price. Its average entry was at $2,265 per ETH, starting from the beginning of the price slide. The whale activity suggests a rebound may be on the way, with predictions of a 25% price rally. The whale held only ETH valued at $112.8M, with a minimal amount of WETH. Buying ETH often precedes various forms of staking or usage as collateral to tap the current value and unlock liquidity. Large-scale ETH owners are cautious about taking profits, instead increasing their position and moving liquidity into DeFi. | Source: CryptoQuant Whales have also switched from panic-selling and liquidation to ongoing slow accumulation with the expectation of long-term ETH growth. Overall, whales have switched to accumulation since the end of 2024, with relatively small profit-taking in the past weeks. ETH shows signs of local lows The buying activity sets up expectations that ETH may be done with its downward correction, after nearly $80M in long liquidations in the past 24 hours. ETH open interest fell over the weekend following market volatility and liquidatoins, sliding to $14B from a recent level of $16B. Long positions are still over 75% of open interest, suggesting more liquidations could be instore. ETH traded…
The post Mysterious whale accumulates ETH after market dip appeared on BitcoinEthereumNews.com.
A newly created wallet turned into an ETH whale after buying the recent dip. The buyer appeared after nearly $80M in long liquidations for ETH. Whale activity remains significant for Ethereum (ETH), as whales are buying the dip. One newly created wallet withdrew 50,256 ETH from the Binance hot wallet, in tranches of 3,000 ETH. The whale started filling up the new wallet in the past 24 hours, after being first funded by a known Binance hot wallet. The whale started buying during one of the periods of rapidly sliding prices for ETH, when the asset wiped out more than 12% of its price. Its average entry was at $2,265 per ETH, starting from the beginning of the price slide. The whale activity suggests a rebound may be on the way, with predictions of a 25% price rally. The whale held only ETH valued at $112.8M, with a minimal amount of WETH. Buying ETH often precedes various forms of staking or usage as collateral to tap the current value and unlock liquidity. Large-scale ETH owners are cautious about taking profits, instead increasing their position and moving liquidity into DeFi. | Source: CryptoQuant Whales have also switched from panic-selling and liquidation to ongoing slow accumulation with the expectation of long-term ETH growth. Overall, whales have switched to accumulation since the end of 2024, with relatively small profit-taking in the past weeks. ETH shows signs of local lows The buying activity sets up expectations that ETH may be done with its downward correction, after nearly $80M in long liquidations in the past 24 hours. ETH open interest fell over the weekend following market volatility and liquidatoins, sliding to $14B from a recent level of $16B. Long positions are still over 75% of open interest, suggesting more liquidations could be instore. ETH traded…
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