Ethereum Whales Accumulated $94 Million In ETH In Just Seven Days In Anticipation Of Strong Rebound

Large investors used Ethereum’s price crash last week to increase their stash, according to blockchain analytics firm Lookonchain. Ether’s price fell as low as sub-$1,600 during this time.

Ether Whales In Accumulation Mode

There’s evidence that wealthy investors with large holdings used price turbulence last week to buy Ethereum (ETH) and are betting on future gains.

According to data from Lookonchain, four whales accumulated a total of $94 million in ether over the past seven days.

The big buys by these whales came as ETH plummeted to its lowest level since June, dropping from over $1,700 on Thursday to about $1,540 just hours later. Meanwhile, Bitcoin, which composes about 46.4% of the entire crypto market, slumped below $26,000 in the same time frame before rebounding to above $26K in a few hours.

Huge Bitcoin investors also used the recent crypto market rout to acquire more coins. An anonymous entity scooped up a whopping 118,300 BTC (now valued at over $3 billion), becoming the third-largest holder of Bitcoin in the world in just three months. While the whale’s true identity remains unknown, speculations range from major traditional financial institutions like BlackRock to crypto exchanges like Gemini.

Revival Of Whale Fossils

Multiple ancient Ethereum whales have come out of a decade-long hibernation this year.

On July 19, a wallet holding pre-mined Ether that had remained inactive for eight years transferred assets worth over $116 million to a Kraken exchange wallet, sparking much curiosity. Another pre-mine address, dormant for 8.1 years, sprung to life recently, moving 191 Ethereum tokens with a valuation of approximately $317,724.

That said, whales buying up ETH even as prices dunk suggests another leg up might be on the cards soon.