Ethereum's ETH/USD price drop woke up a formerly active whale wallet, which bought a significant sum despite the asset’s poor recent performance.
What Happened: On-chain analytics platform Spot On Chain revealed that the elusive “7 Siblings” wallet made a significant purchase of Ethereum during the recent market dip. The whale, known for their substantial assets of $2.2 billion, reportedly bought 28,120 ETH, equivalent to $66 million.
This isn’t the first time the entity has capitalized on a market dip. On Aug. 5, during a market crash (from $2,686 to $2,336 in three days), the “7 Siblings” spent $129.3 million to acquire 56,093 ETH at an average price of $2,305 within a duration of 12.5 hours.
Why It Matters: The "7 Siblings" have been known for their strategic investments in the cryptocurrency market. Their recent purchase of Ethereum during the market dip signifies their confidence in the altcoin's future potential.
Despite a price drop, crypto traders predict new all-time highs for Ethereum at some point.
Trader Altcoin Sherpa said that December-March is usually a very strong time for crypto and Ethereum is usually a good indicator of the market.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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