Ethereum: Whales Go on Huge ETH Buying Spree as Price Falls

According to data shared by the @lookonchain analytics account, two wallets purchased massive amounts of Ethereum on centralized exchanges a few hours ago and then made large purchases over the last three days.

One of these wallets is suspected to belong to Jihan Wu’s company. In the meantime, while these whales have been grabbing Ethereum to add to their stashes, another massive wallet has made a huge ETH sale on Binance today.

Whales scooping up massive ETH chunks

Lookonchain reported that two whales had accumulated big Ethereum chunks. One of them, the source believes, may be Matrixport – the blockchain company founded by former Bitmain boss Jihan Wu. It was created in 2019 and was his second business venture.

Matrixport’s wallet (presumably) moved 22,251 ETH from crypto exchanges over the past few hours. This amount of Ethereum is evaluated at an impressive $80.06 million. Aside from that, over the last three days, the same wallet has withdrawn 33,925 ETH. This Ethereum lump was worth $122.06 million at the time of the purchases.

Lookonchain also provided the address that it believes to belong to Matrixport: 0xacc74cfaa8ad730194c1828cc179c78d5c08200e.

The second whale that was spotted buying Ethereum was "0x4359." It withdrew 3,092 Ethereum (equal to $11.12 million) from the Binance exchange. Within the last three days, it has purchased 24,044 ETH from Binance in total. While these purchases were being made, Etherum printed three consecutive red candles on an hourly chart, pushing down from $3,609 to $3,543.

Anonymous whale dumps millions in ETH

Meanwhile, as the above-mentioned whales accumulated Ethereum, another big wallet has been selling it. The @spotonchain analytics data account has reported that just recently a large ETH whale transferred 9,000 ETH to Binance to sell it at $3,560 per coin. This amount of Ethereum is valued at approximately $32 million.

This was the whale's biggest single deposit so far tracked by the aforementioned platform. So far, this whale far holds 29,738 ETH worth roughly $106 million, with an approximate total profit amounting to $68.5 million – that constitutes 65% growth.

After soaring above the $3,720 level on Monday, the second largest cryptocurrency retraced 7.80% by Wednesday. Over the past 24 hours, Ethereum managed to recover 5.16%; however, this gain was followed by the aforementioned 2% decline.