Ethereum Whale Buys $14.5M ETH—Smart Move or Risky Bet?


Ethereum Whale “7 Siblings” Buys $14.5M ETH Amid Market Downtrend

Ethereum Whale 7 Siblings Buys $14.5M ETH Amid Market Dip

Ethereum (ETH) reached its lowest point since multiple months when the cryptocurrency market showed significant falling figures. The Ethereum whale known as “7 Siblings” seized the market decline to acquire an enormous amount of ETH.

According to on-chain Lookonchain data, the whale recently purchased 5,382 ETH worth $14.5 million. This was a continuation of some much larger accumulation, with “7 Siblings” acquiring 50,429 ETH valued at $126 million within the same day. The bulk of that purchase was the accumulation of 45,047 ETH bought at an average price of $2,480 per ETH.

Whale’s Buy-the-Dip Strategy Signals Confidence

The 7 Siblings whale is known for accumulating ETH during market crashes. A similar pattern was observed on August 6, 2024, when the entity purchased ETH at a market bottom. Analysts speculate that this could indicate a strategic accumulation ahead of a potential market recovery.

ETH Price Hits Multi-Month Lows

At the time of writing, The Ethereum market shows a major decline because it now trades at $2,590.47. During the last 24 hours ETH experienced a 16.56% price decrease and the monthly performance shows a nearly 28% decrease. The market crash of Ethereum corresponds with a widespread crypto market decline that reduced the total market cap to $312.21 billion.

The Ethereum price decrease did not stop ETH from achieving a 271.12% surge in daily trading volume which reached $86.47 billion.  This suggests increased market activity, with both whales and retail investors taking advantage of the dip.

Will Ethereum Recover Soon?

Some analysts doubt this moment but other experts view it as an essential time to make acquisitions. As per sources market analysts noted that ETH currently rests at a powerful multi-year support zone which suggests a price recovery could happen within the following weeks.

With major players like 7 Siblings accumulating ETH, traders and investors will be closely monitoring Ethereum’s next move in the market.


Also read:
Tomarket Daily Combo 02 February 2025: Boost Your Earning



Source link