The Whale with 2.8 Billion Ethereum Again Collected on the Decline: Generally Buying from the Bottom! - Coin Bulletin

Whales bought Ethereum spending tens of millions of dollars after the drop in the cryptocurrency market.

The recent declines in the cryptocurrency markets have made investors nervous, but the giant whale 7 Siblings seized the opportunity. According to the data shared by the on-chain analysis platform Lookonchain, 7 Siblings took advantage of the market drop by spending $28.75 million worth of DAI stablecoin to buy an average of 12,070 Ethereum at a price of $2,382 each.

7 Siblings' Ethereum assets reached 2.8 billion dollars

After the recent purchase, 7 Siblings' total Ethereum assets reached 1.15 million ETH. Based on current market prices, the total value of these assets is at the 2.8 billion dollar level. It was stated that the Whale keeps the Ethereum in two different wallets.

7 Siblings, who had made large-scale purchases in similar market downturns before and attracted attention with their bottom-buying strategy. The investor group that collected a significant amount of Ethereum, especially during the market crashes last year, revealed that it pursued a long-term strategy.

Three more wallets bought Ethereum

According to additional data provided by Lookonchain, three wallets, which are different from 7 Siblings and believed to belong to the same whale, bought 16,114 Ethereum at an average price of $2,473 by spending $39.85 million in the last two hours.

These wallets had made a profit by selling approximately 7,227 ETH at around $23.46 million when the price of Ethereum was at $3,246 on January 13. Their recent moves indicate that they are now buying Ethereum at lower prices to take advantage of the market downturn.