Blockchain analytics firm Lookonchain has identified a strategic Ethereum (ETH) transaction executed by a long-dormant whale just before the recent market downturn. This high-value transfer highlights the foresight of some major ETH holders amid volatile conditions.
Key Details of the Whale Transaction
- Amount Moved: 77,736 ETH ($228.6 million at the time)
- Destination: Cryptocurrency exchange Bitfinex
- Dormancy Period: Wallet inactive for six years prior to the transfer
- Initial Acquisition: ETH withdrawn from Bitfinex in January 2019 at ~$153 per coin ($11.9 million total)
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Market Context
The transfer preceded Ethereum’s drop to $2,100 over the weekend. Such large-scale movements often signal impending volatility, as whales capitalize on liquidity or hedging opportunities.
Whales Buying the Dip: "7 Siblings" Entity Accumulates ETH
While some investors panicked during the correction, prominent whale groups like "7 Siblings" increased their ETH holdings:
- Recent Purchase: 50,429 ETH ($126 million) in a single day
- Historical Pattern: Similarly accumulated 56,093 ETH ($129 million)** during the August 2024 crash at an average price of **$2,305
ETH Price Recovery
At publication time, Ethereum has rebounded to $2,883 (+1.1% in 24 hours), demonstrating resilience post-crash.
Frequently Asked Questions (FAQs)
Q1: Why would a whale move ETH to an exchange before a crash?
A: Large holders often transfer assets to exchanges to facilitate quick sales, margin positions, or institutional trades during volatility.
Q2: How does "7 Siblings" identify market bottoms?
A: The entity’s repeated accumulation near cycle lows suggests advanced on-chain analysis or institutional-grade trading algorithms.
Q3: What’s the significance of ETH’s current price level?
A: $2,800–$2,900 is a critical support zone; sustained holds here may indicate bullish sentiment.
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Key Takeaways
- Whale Activity as a Signal: Large transactions often precede market shifts—tracking them can provide actionable insights.
- Institutional-Scale Accumulation: Entities like "7 Siblings" leverage downturns to build positions, reflecting confidence in ETH’s long-term value.