NewsletterEthereum Whales Buys The Dip, Adds ETH Worth Over $1 Billion
The crypto market has suffered due to the collapse of the crypto exchange FTX, but Ethereum witnessed more selloffs during the crash. The ETH price tumbled from $1,661 to $1,081 within a month, with chart patterns continuing to deteriorate. Meanwhile, Ethereum whales took the opportunity to add over $1 billion worth of ETH as the price dips to a key support level.
Ethereum Whales Buys the Dip
According to the on-chain platform Santiment, large Ethereum whales have added almost 947,940 ETH worth over $1 billion on November 21. The Ethereum (ETH) Percentage of Supply Held data reveals it is the 5th largest single-day whale accumulation in the past year.
In the past 4 instances, ETH prices surged at an average of 3.2% against Bitcoin. Whales accumulating Bitcoin at support levels are considered a key bullish indicator of a reversal. However, Ethereum still consolidates due to FTX contagion.
Ethereum is immensely impacted by the FTX crisis as the crypto exchange faced ETH shortages causing a liquidity crunch. In fact, FTX CEO Sam Bankman-Fried’s Alameda Research transferred massive amounts of ETH to the crypto exchange. However, both filed for Chapter 11 bankruptcy.
Moreover, FTX Accounts Drainer started siphoning off crypto assets from FTX wallets and converting all to Ethereum. It raised speculation of whether the drainer address belongs to FTX or SBF. However, the FTX Accounts Drainer doesn’t seem to be related to any party as it dumped Ethereum for Bitcoin.
Therefore, ETH price continued to drag lower amid the FUD of FTX Drainer selling ETH holdings. However, whales have now entered as speculation fades slowly. The ETH price could jump from current levels.
ETH Shows Signs Of Recovery
Ethereum price hit a low of $1,081 today. The 24-hour low and high for ETH are $1,081 and $1,140, respectively. At the time of writing, the ETH price is trading at $1,113, down nearly 1% in the last 24 hours. However, the price has slightly jumped 2% in the last few hours.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Robinhood Bets Big on Indonesia Booming Market After Securing Local Firms
- Cardano’s Midnight Secures NIGHT Token Listing on Binance, ADA Soars 4%
- Crypto Market Set for Liqudity Pump With Fed Rate Cut Expected This Week
- Harvard University Stacking More Bitcoin Over Gold, Bitwise CIO Matt Hougan Reveals
- Coinbase Returns to India After 2-Year Exit, Plans 2026 Launch of Fiat Services
- Bittensor Price Breaks Above $300, Eyeing a 50% Surge Ahead of Halving
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
