Crypto Markets Drop, Ethereum Whale Buys ETH When Prices Drop

Whale ethereum buys ETH (Blockmodo)

JAKARTA – In the midst of the crypto market crash, a number of Ethereum whales were reported to have made massive purchases worth 500 million US dollars. Therefore, the number of Ethereum wallet addresses holding more than 10,000 ETH broke a new record.

Reporting from U.Today, the graph of the number of large Ethereum addresses has faced a strong spike as the price of the asset has fallen nearly 30 percent in recent weeks as a result of the correction in crypto and financial markets.

As Santiment reports, the spike that appears on the chart is the strongest change since November, when Ethereum's price jumped to $4,820 towards $5,000.

🐳 #Ethereum is hovering just below $2,500 once again after bottoming out at ~$2,170 just 3 days ago. #Dipbuyers can be happy knowing that whale addresses holding 10k or more $ETH have added 200k $ETH from weak hands since January 20, worth ~$497.2M. 🤑 https://t.co/OhsWeqMFLi pic.twitter.com/FdIY5Hp00K

— Santiment (@santimentfeed) January 26, 2022

In addition to the actions of the whales who bought up ETH, retail traders were also reported to have joined the buy the dip action. Following the surge in the address wallets of the whales, the digital wallet addresses of retail traders have also jumped significantly and have grown to 1.4 million.

With the emergence of strong purchasing power in the market, Ethereum has managed to bounce back from its lows. However, due to negative sentiment in the cryptocurrency environment, the crypto market has not fully recovered.

At the time of writing, data from Coingecko proves that the price of Ethereum is trading at the level of IDR 36,466,385. The price of ETH has increased by 3.6 percent in the last 24 hours. Meanwhile, in the past week, the second-largest crypto after Bitcoin experienced a decline of 19.8 percent.