The crypto market is experiencing a downward push, with its market cap down by 7.6%, currently at $3.12 trillion. Top altcoins including ETH are crashing, aligning with broader market trends. Meanwhile, a savvy Ethereum whale has taken advantage of the current market dip, investing millions in ETH in a strategic “buy the dip” move.
According to a recent X post shared by on-chain analytics platform Lookonchain, an Ethereum whale called “7 Siblings” acquired 5,382 ETH, worth $14.5 million.
The giant ETH whale purchased a total of 50,429 ETH, equivalent to $126M within a single day. In a post shared earlier today, Lookonchain revealed 7 Sibling’s massive purchase of 45,047 ETH, worth $111.72 million. The purchase was marked at an average price of 2,480 per coin.
Notably, the last major purchase of $ETH by the 7 Siblings occurred on August 6, 2024. The whale bought them at the bottom of the market following a crash. Thus, it is speculated that the Ethereum whale is utilizing the “buy the dip” strategy.
The Ethereum price still lingering near its multi-month low of $2,500. So, there’s a possibility for the 7 Siblings to continue accumulating more ETH. Analysts like Mister Crypto state that “this is the worst time to be bearish on Ethereum.” Thus, the community is less optimistic about an imminent rebound.
Coinciding with 7 Siblings’ buy-the-dip move many Ethereum whales and ETH holders have been utilizing the market crash. This is evident from the 264% rise in the daily trading volume, which is currently marked at $84.96 billion.
It’s noteworthy that the 7 Siblings’ ETH purchase came after another Ethereum whale made substantial profits by short-selling ETH with 50x leverage.
As of press time, Ethereum price is at a price of $2,577.76, with a notable decline of 17% over the last 24 hours. While the token experienced a plummet of 16% in a week, ETH faced a massive dip of 28% in a month.
Commenting on the downward trend of Ethereum, Bitcoin enthusiast Justin Bechler stated that the cryptocurrency is dying. Another prominent analyst known on X as Crypto_Twittier explained the prevailing “huge buying opportunity,” as Ethereum dropped to a multi-year support level. However, the analyst confirmed that the altcoin could retest the support in the coming weeks.
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