Ethereum and Bitcoin Whales Go on Buying Spree Amid Price Drop

The cryptocurrency market has witnessed a notable correction in recent days, with Bitcoin and Ethereum sliding out of crucial support zones. This drop in prices has triggered a significant increase in whale activity.

With each drop in the price of Bitcoin and Ethereum, whales accumulate more tokens. Some major Bitcoin investors have purchased more than $1 billion in BTC in the last 24 hours.

Similarly, one of the major Ethereum whales amassed over $32 million in Ether in seven days.

Whale Activity Skyrockets Amid Fall in Ethereum and Bitcoin Prices

Bitcoin lost its anchor at the $63,000 mark, while Ether fell below $3,000. As the broader cryptocurrency market gradually contracts, selling pressure increases, with whales seizing the opportunity to purchase more assets.

Data from Santiment, an on-chain market intelligence platform, showed a notable increase in whale activity Bitcoin in the last 24 hours. According to the data, investors’ wallets with 1,000 to 10,000 BTC tokens have accumulated $941 million in Bitcoin.

The buying frenzy represents a rebound to the highest level of bitcoin holding by whales in 14 days.

Likewise, on-chain data provider Lookonchain revealed a whale activity involving the second largest crypto asset by market capitalization, Ethereum. According to the data, a major investor holding a long Ether position withdrew 6,030 ETH worth approximately $18.09 million from Binance.

The massive whale transaction follows a consistent accumulation pattern by Binance since early May. On-chain data showed that the whale traded around 10,758 ETH worth $32.14 million from Binance since May 2.

Furthermore, the large investor completed several transactions from his portfolio. He converted the acquired ETH coins into Ethereum staking (stETH), which he deposited on Aave, a DeFi lending platform.

Additionally, the whale borrowed $28.5 million in stablecoins from the main platform to buy more Ether.

Cryptocurrency Market Outlook: A Massive Bitcoin Rally Underway?

Massive accumulation of Bitcoin dips by whales could signify an imminent rally. Most cryptocurrency investors usually buy dips and wait for a bullish turn in sales and huge profits.

Furthermore, in the context of the ongoing crisis, some prominent figures in the crypto industry have made bold predictions for the price of Bitcoin. In a recent thread on He noted that BTC has everything it takes to raise its price to $265,000.

Meanwhile, as of 6:06 a.m. EST on May 9, Bitcoin is trading at $61,163, down 1.91% over the past 24 hours. Its market capitalization now stands at $1.20 trillion, while its altcoin dominance stands at 53.18%.

The price of Ethereum now hovers around $2,976, after a slight decline of 0.84% ​​over the past day.

Our editorial process

The technical report editorial policy is focused on providing useful, accurate content that offers real value to our readers. We only work with expert writers who have specific knowledge of the topics covered, including the latest developments in technology, online privacy, cryptocurrencies, software and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards and every article is 100% written by real authors.

Fuente