thecryptobasic.com
An entity dubbed “7 Siblings” capitalized on the recent Ethereum price decline to thousands of ETH tokens, according to Blockchain analytic platform Lookonchain.
Lookonchain data shows that the entity quietly purchased 56,093 ETH, worth $129.3 million at the time.
Details of the Transaction
Per blockchain data, 7 Siblings started its ETH accumulation yesterday when ETH was trading around $2,600 and continued buying until the price decreased further to $2,191. The average buying price of the 56,093 ETH was $2,305.
Interestingly, Lookonchain revealed that the accumulation spree lasted 12 hours on August 4 and 5, 2024. The entity converted $129.3 million worth of USD Coin (USDC) to ETH across multiple platforms, including 1inch and Uniswap.
7 Siblings Strategic Purchase
The development caught Lookonchain’s attention because the entity’s behavior was quite different from that observed across the broader crypto market.
Following the recent decline in crypto prices, investors were forced to convert their digital currencies into less-risky assets, like stablecoins. They feared that the downtrend might worsen, leaving them with huge losses.
Conversely, 7 Siblings saw the recent dip as an opportunity to accumulate the second-biggest crypto by market cap.
Data from Arkham Intelligence shows that the entity’s blockchain wallet holds $259.35 million worth of cryptos. Ethereum ranks as the wallet’s largest asset by dollar value, with a holding of 62,958 ETH, currently worth $153.4 million.
Other cryptocurrencies held by 7 Siblings include $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million worth of Wrapped NXM (WNXM), among others.
Other ETH Accumulation
Meanwhile, 7 Siblings was not the only entity to take advantage of the recent dip to accumulate ETH. Lookonchain also identified four other crypto whales that acquired ETH at discounted prices during the latest dip.
These whale addresses, alongside 7 Siblings, collectively purchased 144,071 ETH, worth $331.11 million. Following 7 Siblings’ purchase, the second-biggest ETH accumulation during the dip saw an unlabeled address 0x267e…f91e spend $101.97 million in USDC to purchase 44,653 ETH at an average price of $2,284.
The exploiter of Nomad Bridge splashed $39.75 million in DAI to purchase 16,892 ETH at an average price of $2,353. Furthermore, the fourth address, 0x5ac5…a17e, acquired 16,407 ETH with 37 million USDT. Another unknown crypto whale, via the address 0xCaf1…666E, scooped 10,026 ETH using 23.08 million USDC.
Meanwhile, Ethereum is trading at $2,450 per token at press time, up 3.22% over the past 24 hours. ETH’s surge comes hours after the token plummeted to $2,122 yesterday.