Ethereum whales are heading straight to the market to load their bags as ETH falls to ‘discount prices’. Like the rest of the crypto market, Ethereum has taken a beating, dropping over 20% in the past three days. While panic is spreading throughout the market, whales have loaded their holdings with over 600,000 ETH.
buy ethereum whale dip
The “buy the dip” sentiment is still really strong among players in crypto. As the asset is currently at one of the lowest price points for the year 2022, it presents an opportunity for those who are looking to buy digital assets at low prices.
Ethereum whales have been the most active in this regard with between 100-1,000,000 ETH on their balances. Data from an on-chain analysis firm sentiment Shows that these large investors added a total of 657,390 ETH to their balances within 24 hours.
Whales accumulate ETH | Source: Santiment
This led to a sharp increase in their collective holdings as they now have over $780 million worth of ETH. Most of the buying happened when the market had started to stabilize and the accumulation trend started.
Accumulation among Ethereum investors is also reflected in the exchange’s net inflows over the past 24 hours. Even though the sell-off sequence continues, there is still a fair demand for ETH in the market. glassnode data Shows that on the last day, $1.4 billion worth of ETH was flowing out of exchanges compared to $1.2 billion in inflows, leading to a negative net inflow of –$220.6 million.
bitcoin whales follow suit
Ethereum whales aren’t the only ones trying to get their hands on more coins. Unlike Ethereum, which was above its cycle low, bitcoin broke well below its cycle low of $17,600, reaching a level not seen since 2020.
In response, bitcoin-valued open interest has soared. With open interest reaching 380,000 BTC on Thursday, it shows that bitcoin investors are treating the decline as an opportunity to buy the coin cheaply.
merchants looking #bitcoin2 year low price level of a . In form of #shopping opportunity. Funding rates appear to be peaking #long prejudice, especially on @ftx_official, where many believe that it may be impossible to withdraw their funds. Feelings of hopelessness are often related to higher risk. pic.twitter.com/OW2buYx2gb
— sentiment (@santimentfeed) 9 November 2022
Sentiment notes that the long bias was becoming more prominent, especially among FTX users whose funds are stuck on the exchange. Given that these users believe that their funds have already been lost, they are taking on more risk as they attempt to make up for the loss.
Still, bitcoin has shown no signs of bottoming out. No significant support has been found and the digital asset price continues to fluctuate wildly after hitting a new cycle low of $15,500 on Wednesday.
ETH falls to $1,187 | Source: ETHUSD on TradingView.com
Featured image from Bitcoinist, chart from TradingView.com
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