With Ethereum joining Bitcoin to lead the broad crypto market downturn, the altcoin has seen its price plunge deeper over the past days.
However, whale activity on the coin appears to remain on the high side as data from Arkham Intelligence firm shows two whales loading up heavily on Ethereum.
The data shows that two newly created whale addresses have collectively acquired approximately $200 million worth of Ethereum (ETH) in a single purchase, sparking discussions across the crypto community.
The transaction saw Ethereum birthing new whales despite the market slump, as the source revealed that the fresh wallets acquired about $192 million in ETH from BitGo, a renowned crypto trading platform and liquidity provider.
Despite the negative price trend witnessed today, large holders of Ethereum have shown resilience, aggressively stacking up on the asset despite massive price losses.
Ethereum whales continue buying spree
Recent whale activities witnessed across the crypto market show that Ethereum has become the center of attraction among high-profile investors and institutional investors, as Ethereum is seen outshining Bitcoin in whale activities.
Although the massive ETH purchases made by the single entity have sparked market reactions, it is just one of the numerous whale transactions involving ETH that were recorded today. This validates speculations that whales might be taking over the Ethereum ecosystem.
While the broad crypto market downturn has seen market investors take caution and slow down on their crypto purchases, it appears that Ethereum whales are still positive about the asset’s potential as recent buy activities show that whales are relentlessly buying the dip on the asset.
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Nonetheless, the massive buying spree witnessed among new and existing Ethereum whales like this often hints at long-term conviction, which appears bullish for the cryptocurrency, restoring hopes for a potential price rebound.
With Ethereum remaining on the downside for multiple days, analysts have predicted that the ongoing downtrend may wrap up soon, as large whale purchases have preceded periods of price recovery.
Notably, increased buying activities from retail and institutional holders can both tighten supply on exchanges and boost confidence among retail investors, propelling the concerned cryptocurrency toward a potential price surge.
Market watchers have expressed excitement about the move, as the massive buys could mark the beginning of a bullish reversal in the price of Ethereum.
