Ethereum Whale “7 Siblings” Accumulates $14.5M ETH Amid Market Crash
Ethereum (ETH) has reached its lowest points in months, following a general decline in the cryptocurrency market. However, one of the most prominent Ethereum whales, “7 Siblings,” took advantage of the situation to buy ETH at a discount.
Massive ETH Purchase Signals Strong Confidence
According to Lookonchain, this whale recently bought 5,382 ETH worth $14.5 million. But that is only part of a massive accumulation. Just yesterday, “7 Siblings” bought a whopping 50,429 ETH in one go, amounting to $126 million.
It appears most of this purchase comes from a huge bulk buy—45,047 ETH at an average price of about $2,480 per token. This suggests that the whale is playing safe on Ethereum and betting on a long-term recovery.
Why This Whale Buy Matters for Ethereum
The “7 Siblings” whale is known to amass ETH when the market is low. The same pattern repeated on August 6, 2024, when this particular entity bought big at the market bottom.
According to analysts, such massive buys are a sign of institutional confidence, which could be a precursor to a future Ethereum price bounce.
Ethereum Price Drops to Multi-Month Lows—What’s Next?
Currently trading at $2,590.47, Ethereum has recorded the following:
- Fallen by 16.56% in the last 24 hours
- Plunged 28% over the course of the month
- Market cap dropped to $312.21 billion
Despite the fall, ETH’s trading volume surged 271.12%, reaching $86.47 billion. This increase in volume suggests that whales and retail investors alike are buying the dip on Ethereum, taking advantage of its discounted price.
Will Ethereum Recover Soon?
Analysts’ opinions are split between cautionary views on short-term volatility and the belief that this might be an optimal accumulation phase.
Important Takeaways from Market Analysts:
- Ethereum is currently resting at a major multi-year support level that may trigger a potential rebound in the coming weeks.
- Large-scale whale purchases often signal strong confidence in ETH’s long-term prospects.
- Institutional investors and retail traders will be closely watching Ethereum’s next move, as further accumulation could spark a price recovery.
Final Thoughts: A Buying Opportunity or a Risky Bet?
With the general price drop in Ethereum, there exist opportunities for strategic investors like “7 Siblings,” who continue buying the dip due to prevailing uncertainty. Whether ETH bounces back quickly or faces more turbulence remains to be seen, but this whale’s aggressive accumulation suggests a bullish outlook in the long run.
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