Crypto Whales Buy the Dip in Digital Asset Markets
Blockchain tracking firm Lookonchain has identified a trend of crypto whales buying up the recent correction in the digital assets market.
Ethereum Whale Seizes the Opportunity
Lookonchain has spotted a “smart whale” with a proven track record of successful trades, who recently purchased over 3,600 ETH as the price dipped. The whale bought the Ethereum at a lower price, taking advantage of the correction. This savvy move has resulted in a profit of approximately $25.8 million. At the time of writing, ETH is trading at $2,470.
Chainlink Whale Takes Advantage of Dip
In addition to Ethereum, Lookonchain also observed a whale acquiring decentralized oracle provider Chainlink (LINK) during its dip to the $14.81 level. The whale spent $8.9 million to purchase 601,949 LINK at the lower price. This purchase appears to have stabilized the price of LINK, which is currently trading at $15.53.
Bitcoin Whale Withdraws Millions from Binance
Lookonchain has also discovered a significant withdrawal of BTC from crypto exchange Binance. A crypto whale withdrew nearly $30 million worth of BTC as the price fell below the $42,000 level. The whale made the withdrawal from Binance at an average price of $41,948. At the time of writing, BTC is trading for $41,570.
With these recent moves by crypto whales, it seems that they are taking advantage of the market correction to accumulate digital assets at lower prices. This buying activity from whales could indicate that they have confidence in the future value of these assets. Investors should carefully consider this trend and do their own due diligence before making any investment decisions.
Disclaimer: The information above is not investment advice. Investors should conduct their own research before making any investment decisions. The Daily Hodl does not provide investment recommendations.
Analyst comment
Positive news. The recent moves by crypto whales, including buying Ethereum, Chainlink, and withdrawing Bitcoin, indicate confidence in future asset value. Market is likely to stabilize and potentially increase as more investors follow suit, driving up prices. However, investors should exercise caution and conduct thorough research before making investment decisions.
