Ethereum Whales Acquire $66 Million in ETH Amid Price Decline

TLDR

• Ethereum whales “7 Siblings” bought 28,120 ETH worth $66 million
• ETH price dropped 4.5% in 24 hours, trading around $2,346
• Trading volume decreased 21%, indicating lower investor participation
• Technical analysis suggests ETH could reach $2,200 soon
• Middle East tensions may be influencing cryptocurrency markets

Large Ethereum investors known as the “7 Siblings” bought $66 million worth of ETH on October 3, 2024. They purchased 28,120 ETH at an average price of $2,350 using USDC. This happened as Ethereum’s price fell 4.5% in one day.

The “7 Siblings” are mysterious investors who own $2.2 billion in crypto assets. They have a history of buying ETH when prices drop. In August 2024, they spent $129 million on 56,093 ETH when it cost $2,305 each.

At the time of writing, ETH trades at $2,346. Its trading volume went down 21% in the last day. This means fewer traders and regular investors are buying and selling ETH right now.

The overall mood in the crypto market is negative. Many expect ETH’s price to keep falling. While regular investors are hesitant to buy, large investors like the “7 Siblings” see this as a chance to get more ETH at a lower price.

Technical analysts who study price charts think ETH might drop to $2,200 soon. This is because ETH’s price fell below an important level of $2,400. The ongoing tensions in the Middle East might also affect crypto prices.

This isn’t the first time big investors bought a lot of ETH when prices dropped. It’s a common strategy for those with lots of money to invest. They often buy more when prices are low, hoping to make a profit if prices go up later.

The “7 Siblings” buying so much ETH is interesting news for the crypto world. It shows that some wealthy investors still believe in Ethereum’s value, even when prices are going down. However, it’s important to remember that the crypto market can be very unpredictable.

The mysterious “7 Siblings” with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip!

Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305.

Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast

— Spot On Chain (@spotonchain) October 3, 2024

Ethereum is the second-largest cryptocurrency after Bitcoin. It’s not just a digital currency, but also a platform for building other crypto projects. This makes its price movements important for the whole crypto industry.

The recent price drop affected more than just Ethereum. Many other cryptocurrencies also saw their values go down. This often happens in the crypto market – when one major currency’s price changes, others tend to follow.

While some big investors are buying, regular traders seem to be more careful right now. The drop in trading volume shows that fewer people are buying and selling ETH than usual. This could mean people are waiting to see what happens next before making moves.

The situation in the Middle East is worth watching. Global events like this can affect all kinds of investments, including cryptocurrencies. Investors often react to world news, which can cause prices to go up or down quickly.

The post Ethereum Whales Acquire $66 Million in ETH Amid Price Decline appeared first on Blockonomi.