Large ether (ETH) investors took advantage of the recent drop in crypto markets to increase their holdings, according to blockchain data. Over the past seven days, four whale entities accumulated a total of $94 million in ETH. Whales are crypto investors who control significant amounts of a digital asset, and their actions can have a significant impact on markets. In this case, the purchases occurred as ETH experienced its weakest price since June due to cascading liquidations, reaching as low as $1,547.
These purchases also took place at a time when bitcoin investors capitalized on lower prices to increase their BTC holdings. Wallets holding between 10 and 10,000 BTC added a total of $309 million in BTC since August 17. The behavior of these large investors is closely monitored as it provides insights into market movements. The oversold condition of ETH, as indicated by the relative strength index (RSI), was the most severe since the collapse of FTX exchange in November, which brought ETH below $1,000.
In summary, significant investors in both ether and bitcoin capitalized on the recent downturn in the crypto markets to accumulate more of these assets. The purchases by these whale entities amounted to $94 million in ETH and $309 million in BTC. Their actions are closely watched by industry experts as they can have a substantial impact on market trends. The drop in ETH’s price was attributed to cascading liquidations, pushing it to its lowest level since June.