Crypto whales are utilizing market corrections to accumulate digital assets, as reported by blockchain tracking firm Lookonchain. The firm identified a “smart whale” with a successful track record of profitable trades, who seized the opportunity to purchase over 3,600 ETH when the price experienced a dip. This strategic move resulted in a current profit of approximately $25.8 million for the whale.
In addition to Ethereum, Lookonchain observed another whale acquiring decentralized oracle provider Chainlink (LINK) as it dropped to $14.81. This whale invested $8.9 million to purchase 601,949 LINK at the opportune price, leading to a stabilization of the LINK price at $15.53.
Furthermore, Lookonchain’s on-chain data analysis revealed a significant withdrawal of nearly $30 million worth of BTC from crypto exchange Binance by a crypto whale when the Bitcoin price dipped below $42,000. This move was interpreted as a strong indication of whale interest in buying BTC during market downturns.
Overall, these insights from Lookonchain demonstrate how crypto whales strategically capitalize on market corrections to accumulate digital assets and position themselves for future profitability. This information can be valuable for investors and traders in the crypto and NFT industry looking to understand market dynamics and make informed decisions.
