blockchainreporter.net
After yesterday’s market downturn, an entity named ‘7 Siblings’ bought 56,093 Ethereum ($ETH) worth $129 million while most crypto traders started selling their crypto assets in panic. Due to the crypto market crash, many crypto traders started selling their crypto assets to avoid major losses while few saw it as the best buying opportunity. 7 Siblings found this downturn the best chance to invest in Ethereum and bought 56,093 $ETH when its price dropped below $2,600.
While you guys were panic selling due to the market crash, the entity"7 Siblings" with $1.57B assets quietly bought 56,093 $ETH($129M) at the bottom!
— Lookonchain (@lookonchain) August 6, 2024
7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours… pic.twitter.com/t5fsVu28gH
‘7 Siblings’ Largely Invested in Ethereum Amid Crypto Market Downturn
Due to yesterday’s crypto market crash, countless crypto accounts got liquidated. To avoid major losses many people started selling their crypto assets. But on the other hand, a few crypto traders found it the best time to invest and buy crypto assets.
As per Lookonchain, an entity named ‘7 Siblings’ sought this downturn as the best opportunity to yield profit by investing in Ethereum. It majorly invested in Ethereum and bought 56,093 $ETH worth $129 million. 7 Siblings spent approximately 12 hours on purchase as it started buying $ETH when its price dropped below $2,600. It kept on purchasing till $ETH dropped to $2,191. The average buying price of $ETH was $2,305.
How Did Yesterday’s Crypto Market Downturn Affect Bitcoin and Ethereum?
Over $1 billion in funds liquidated amid yesterday’s crypto downturn. Most of the crypto community panicked and started selling their crypto assets because the leading crypto assets Bitcoin and Ethereum dropped to $49,513.63 and $21,171.57.
But at the same time, few crypto traders considered it a buying opportunity and started investing in it. After such a significant crash, both assets started reviving and showed significant growth as currently $BTC is trading at $54,991,44 and $ETH is trading at $24,436.39.