Six-Year Sleep Ends: Crypto Whale Moves Millions Before ETH Crash

A massive Ethereum (ETH) transfer just before a recent market dip has crypto watchers buzzing. Blockchain tracker Lookonchain revealed that a previously inactive wallet, dormant for six years, suddenly moved a whopping 77,736 ETH – worth about $228.6 million at the time – to the Bitfinex exchange. This happened right before Ethereum’s price tumbled to around $2,100.

A Six-Year Nap and a Big Move

Interestingly, this same wallet had previously withdrawn the same amount of ETH from Bitfinex back in January 2019, when ETH was trading at just $153. That’s a massive return on investment, if the whale sold at the pre-crash peak.

Whales Buy the Dip

But it wasn’t just one whale making headlines. Lookonchain also spotted some big players buying up ETH during the dip. One entity, known as “7 Siblings,” snapped up a significant amount of ETH.

7 Siblings’ Strategic Buying

“7 Siblings” made multiple purchases, totaling 50,429 ETH (approximately $126 million) on a single day. This isn’t their first rodeo; Lookonchain previously reported that “7 Siblings,” which holds over $1.57 billion in assets, bought $129 million worth of ETH in August, during another market downturn. Their August purchases occurred over 12 hours as the price fell from $2,600 to $2,191, averaging a price of $2,305.

The Current Market

At the time of writing, ETH is trading around $2,883, showing a slight increase of 1.1% over the last 24 hours.

Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before investing in cryptocurrencies.
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