Cryptocurrency Whale Quietly Acquires Ethereum (ETH) During Market Dip, Holding Assets Worth Over $1.57 Billion: On-Chain Analysis
A massive entity known as “7 Siblings” has strategically taken advantage of the cryptocurrency market downturn by quietly amassing a substantial amount of Ethereum (ETH) assets. This mysterious whale was identified by monitoring firm Lookonchain, which observed “7 Siblings” acquiring $129 million worth of ETH around the $2,300 price point.
During the recent market turbulence, while many were selling in panic, “7 Siblings” with assets exceeding $1.57 billion made a significant move by purchasing 56,093 ETH (equivalent to $129 million) at the market bottom. The buying spree began as the price dropped to $2,600 and continued until it hit $2,191, spanning a 12-hour buying period, with an average purchase price of $2,305.
This isn’t the first time “7 Siblings” has made waves in the crypto space. In November 2022, the entity narrowly avoided a $600 million liquidation event on the Maker platform, drawing attention to its strategic maneuvers in the market.
Lookonchain also identified four other whale addresses, including the Nomad Bridge Exploiter, making substantial purchases during the Ethereum dip. Notably, the Nomad Bridge Exploiter, after a nearly $40 million acquisition, deposited the funds into the crypto mixer Tornado Cash.
The overall sentiment towards Ethereum remains positive, with five whale addresses collectively acquiring 144,071 ETH ($331.11 million) during the market downturn. Among them, “7 Siblings” spent $129.3 million to acquire 56,093 ETH at an average price of $2,305. Other notable transactions include 0x267e…f91e spending $101.97 million on 44,653 ETH at $2,284, and Nomad Bridge Exploiter investing $39.75 million in 16,892 ETH at $2,353.
At the time of reporting, Ethereum is trading at $2,547, reflecting the market’s ongoing volatility and the strategic moves made by significant players like “7 Siblings.” The crypto community continues to monitor whale activities and their impact on market dynamics, underscoring the importance of staying informed and vigilant in the ever-evolving crypto landscape.
