Amidst the recent downturn in Ethereum’s price, there has been a noticeable increase in whale accumulations within the cryptocurrency market. On-chain data has revealed that two prominent whales, 0x347 and 0xc47, have been on a buying spree, taking advantage of price dips to accumulate substantial amounts of ETH. These whales have a history of accumulating Ethereum during price lows and selling them at highs to secure significant profits.
The latest data from Spotonchain indicates that 0x347 withdrew 3,600 ETH, valued at $8.84 million, from Binance, while 0xc47 accumulated 5,580 ETH, worth $13.76 million, from Coinbase on January 19. Interestingly, both whales have a track record of converting their ETH accumulations into substantial profits. For example, 0xc47 managed to generate an estimated gain of $31.1 million between September 8, 2020, and March 9, 2022, after returning from a two-year dormancy in the market.
Despite the recent price plunge, market sentiments suggest that Ethereum’s price may experience a bullish trend in the near future, supported by the increased whale accumulations. The 24-hour trading volume for Ethereum has seen a significant uptick of 15.28% and currently stands at $11.93 billion, indicating heightened trading activity.
This spike in trading volume aligns with the recent whale activity, reinforcing the potential for a positive price movement in Ethereum. Overall, these developments provide valuable insights for investors and traders in the crypto industry, highlighting the impact of whale accumulations on market dynamics and price trends.
