Last week, the crypto market lost its upward momentum and subsequently faced sharp selling. Thus, Bitcoin and altcoins fell to their lowest levels in recent months. Meanwhile, a giant company showed an upward trend. This whale, closely followed by the market, bought this latest dip by allocating nearly $20 million for two altcoins.
Amber Group is buying the dip: These 2 altcoins are on target!
cryptokoin.comAs you follow from , US CPI came in below expectations. After this, the crypto market moved north with the excitement that the Fed would start reducing interest rates. However, the Fed, which kept interest rates constant, soon adopted a hawkish stance. This brought sales in risky assets such as crypto. Thus, Amber Group, a crypto whale, took the decline as a buying opportunity for some tokens. Amber Group has posted over $1 trillion in transaction volume with thousands of customers since 2017. It also had an estimated $5 billion in assets under management (AUM) in cryptocurrency alone in 2022.
On-chain analytics platform Lookonchain has detected on-chain data showing addresses related to Amber Group aggressively buying the dip for two altcoins. Specifically, the wallet attracted nearly $20 million in Ethereum (ETH) and Uniswap (UNI) from exchanges. This suggested a strategic position trade.
One address specifically related to Amber Group withdrew 2,638 ETH from Binance, worth $9.2 million, Lookonchain reported. However, Uniswap settled its token position with two withdrawals. The company withdrew a total of 987,054 UNI, including 547,305 UNI from Binance and 439,749 UNI from Gate.io. The total of these purchases is worth 10.6 million dollars.
ETH and UNI strategies of crypto whales
The behavior of whales on Ethereum and Uniswap from Santiment in the last two years also shows interesting results. Interestingly, Uniswap whales are dumping their tokens during this time, while Ethereum whales are hoarding them. Since June 15, 2022, Whales have added 12.82 million ETH to their balance and removed 51.63 million UNI.
At the time of writing, Ethereum was trading at $3,534 after falling to $3,376. Uniswap rose from $10.24, where it fell on June 14, to $10.94. The current crash marks ETH’s lowest price ever, while UNI hit a one-month low of $8.84 on June 11.
Meanwhile, fear still dominates individual sentiment among technical and social indicators. This points to a separation and asymmetry in the market. Institutional players such as Whales and Amber Group believe that this is a great opportunity to buy and they can pay off soon.
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