Is the Bottom In for Ethereum? Whales Accumulate Millions Worth of ETH
Ethereum’s price has been trending lower for the past 30 days, shedding over 10% of its valuation. During the last week, ETH’s been mostly stagnant, which makes the prospects of a recovery even slimmer.
But a closer look at on-chain data reveals that smart money (a slang used to describe larger investors) has been accumulating ETH at current ranges. Do they know something we don’t?
Ethereum Whales Spending Big Bucks
Data aggregated by the popular on-chain metrics observerLookonchainshows that a large investor has been spending big bucks at key moments throughout the past few months.
First, on July 1st, someone bought $15.2M worth of ETH right before the price started recovering from the news that concerned the SEC’s comments on Spot Bitcoin ETF prospects.
Earlier today, the whale deposited 36M worth of USDT to Binance and then withdrew a whopping $15.9 million worth of ETH around 40 minutes later.
It seems that the whale is buying ETH at the bottom. – Concludes Lookonchain.
Lookonchain also tracked the address of the 1inch Investment Fund wallet.
Data shows that it spent 4.75M USDT to buy just shy of 2,922 ETH earlier today. Shortly after, the address also added another 3076 ETH worth around 5M USDT.
The 1inch Investment Fund currently holds around $26.8 million in USDT and around $20.5 million in ETH.