As Ethereum’s price slumped to its lowest point since 2023, big-time investors, known as Ethereum whales, saw green in the market sea of red. Indeed, they’ve snapped up a whopping $60 million of ETH in just half a day, a bold move that challenges the ongoing market downturn.
These tycoons, not the type to panic at price plunges, led a shopping spree of ETH, paying no mind to its steepest single-day fall in years – over 17% down. The ‘7 Siblings’ group led the charge with hefty purchases adding up to over $42 million. This ETH was swiftly placed on the Aave lending platform, sparking speculation of plans to grow their newly-purchased cache.
The discount buying didn’t stop there. Two more large holders, one known as “0x709” and another as “0x5f1”, borrowed millions from several platforms to partake in the ETH buying spree. The whales’ actions may be hinting that they believe the currently beleaguered Ethereum holds promise for long-term gains, with its price down almost 56% from last year.
Market sentiment is certainly mixed, with Ethereum underperforming even the struggling broader crypto market over the past week. Ethereum must also grapple with rivals such as Solana and waning institutional interest compared to Bitcoin. While some, like Lekker Capital’s Quinn Thompson, are sounding the death knell for Ethereum as an investment, others such as Standard Chartered see a silver lining, forecasting that ETH could hit $10,000 by 2029. Despite the current turbulence, these Ethereum whales seem to be betting on a brighter future.