In response to the recent decline in Bitcoin and altcoin values, whales seized the opportunity to make strategic entries into the market. Interestingly, three of these large whales capitalized on the decline. They purchased significant amounts of BTC, ETH, and LINK when prices were at their recent lows.
Bitcoin whales buy the dump
cryptokoin.comAs you follow from , the market spent this week in the red zone. Many altcoins, including the leading crypto Bitcoin, experienced serious losses. On-chain analytics platform Lookonchain shared information about the activities of these strategic whales. According to Lookonchain, a Bitcoin whale withdrew 700 BTC ($29.36 million) from Binance. Whale made the purchase at a price of $41,948. This shows that it is a strategic move during the market downturn. This move raises questions about the whale’s market timing and his confidence in BTC’s long-term potential.
Meanwhile, at the time of writing, Bitcoin was trading down 3.7% on a daily basis at its current price of $40,905. The leading cryptocurrency also experienced a decline of 9.89% in the last seven days.
Leading altcoin Ethereum is also on the radar of whales
We are shifting our focus to the leading altcoin Ethereum. Lookonchain highlights that an Ethereum whale purchased 3,600 ETH ($8.9 million) amid the decline. The analytics platform underlines the whale’s ability to purchase ETH at lower values. In this context, it mentions that this whale has made a current profit of approximately $25.8 million.
Meanwhile, such strategic moves by cryptocurrency whales often indicate strong market sentiment and belief in the potential for rapid recovery and upward momentum among experienced investors. However, the current Ethereum price has fallen to the $2,480 level. This indicates a decrease of 1.22% for the altcoin in the last 24 hours and 4.70% in the last seven days.
LINK whales also took action
Analytics platform Lookonchain emphasizes that whales also show special interest in LINK. Accordingly, LINK whales purchased 601,949 LINK at an average price of $14.81 amid the price decline. The total cost of this transaction was $8.9 million. Meanwhile, after the purchase, the whale distributed LINK to three new wallets. According to experts, this indicates a strategic move rather than an ordinary trade. In this regard, Lookonchain shared the following:
After LINK price dropped today, a whale spent $8.9 million to buy 601,949 LINK at $14.81 with 3 new wallets.
Meanwhile, at the time of writing, LINK was trading marginally up 0.87% at $15.37. This means that the whale is currently profitable in buying altcoins. However, it is possible for the market to change at any time.
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