Top Ethereum whales took advantage of the price drop to buy 56,093 ETH

According to blockchain analytics platform Lookonchain, an entity called “7 Siblings” took advantage of the recent drop in Ethereum prices to purchase thousands of ETH tokens. Data from Lookonchain shows that the entity quietly purchased 56,093 ETH, worth about $129.3 million at the time.

Transaction Details
According to blockchain data, 7 Siblings started accumulating ETH yesterday, when ETH was trading around $2,600, and continued buying until the price dropped further to $2,191. The average purchase price of 56,093 ETH was $2,305.

Interestingly, Lookonchain revealed that this accumulation event lasted for 12 hours on August 4 and 5, 2024. The entity converted $129.3 million worth of stablecoins (USD Coin, USDC) into ETH on multiple platforms, including 1inch and Uniswap.

7 Siblings’ Strategic Purchase
This development has raised concerns for Lookonchain as the entity’s behavior is quite different from the overall crypto market trend. Following the recent drop in crypto prices, investors have been forced to convert their digital currencies into less risky assets such as stablecoins. They worry that the downward trend could worsen, leading to huge losses. Conversely, 7 Siblings sees the drop as an opportunity to accumulate the second-largest cryptocurrency by market cap.

Data from Arkham Intelligence shows that the entity’s blockchain wallets hold $259.35 million worth of cryptocurrencies. Ethereum, the most valuable asset in the wallet, currently holds 62,958 ETH, worth approximately $153.4 million. 7 Siblings also holds other cryptocurrencies, including $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million in Wrapped NXM (WNXM).

Other ETH accumulation
Meanwhile, 7 Siblings is not the only entity taking advantage of the recent drop to accumulate ETH. Lookonchain similarly identified four other crypto whales that acquired ETH at discounted prices during the drop. Together with the 7 Siblings, these whale addresses purchased 144,071 ETH, with a total value of approximately $331.11 million. After the 7 Siblings purchase, the second largest ETH accumulation was at an unmarked address 0x267e…f91e, which spent $101.97 million in USDC to buy 44,653 ETH at an average price of $2,284. Nomad Bridge users spent $39.75 million in DAI to purchase 16,892 ETH at an average price of $2,353. In addition, the fourth address 0x5ac5…a17e received 16,407 ETH for 37 million USDT. Another unknown crypto whale purchased 10,026 ETH using 23.08 million USDC through the address 0xCaf1…666E.

Meanwhile, Ethereum is trading at $2,450 per token at the time of reporting, up 3.22% in the past 24 hours. Ethereum’s rise comes just hours after the coin plunged to $2,122 yesterday.

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