In response to the recent plunge in Bitcoin (BTC) and Ethereum (ETH) values, savvy whales have plunged into the market, seizing the opportunity presented by the downturn. Remarkably, two major players in the crypto ocean capitalized on the situation, making significant acquisitions of BTC and ETH when prices hit rock bottom.
Bitcoin’s Strategic Dive
Lookonchain, a trusted cryptocurrency analytics platform, shared insights into these strategic moves. In a significant tweet, Lookonchain highlighted a Bitcoin whale’s bold move—a withdrawal of 700 BTC ($29.36 million) from Binance.
Purchased at an average price of $41,948, this move signals a shrewd strategy during the market’s downward trend. Questions arise about the whale’s impeccable market timing and confidence in the long-term potential of BTC.
As of the latest update, Bitcoin is priced at $41,214, reflecting a 2.97% decrease in the last 24 hours and a 9.69% drop in the last seven days.
Ethereum is on the Radar too!
Turning to Ethereum, Lookonchain’s subsequent tweet highlighted a discerning whale’s acquisition of 3,600 ETH ($8.9 million) at a reduced price. The tweet emphasized the whale’s proficiency in acquiring ETH at lower values, resulting in a current profit of approximately $25.8 million.
Such strategic moves by cryptocurrency whales often indicate strong market sentiment and a shared belief among seasoned investors in the potential for rapid recovery and upward momentum.
However, Ethereum’s current price stands at $2,480, reflecting a 1.22% decrease in the last 24 hours and a 4.70% decline in the last seven days.
Investors, both seasoned and new, are left watching and wondering—will the markets turn in their favor?
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