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Blockchain data reveals that prominent ether (ETH) investors seized the opportunity presented by the dip in cryptocurrency markets last Thursday. They capitalized on the lower prices to further bolster their ETH holdings.
As per Lookonchain's data, within the last week, four prominent "whale" entities have amassed a collective sum of $94 million in ETH.
Crypto whales refer to those cryptocurrency investors who hold significant amounts of digital assets. Due to their substantial holdings, their buying and selling activities possess the capacity to exert significant influence on the cryptocurrency markets. As a result, analysts and enthusiasts meticulously track their actions in order to predict potential shifts in the market.
The acquisition of whales happened while ETH experienced a sharp decline in its value, dropping to its lowest price since June. This drop was attributed to a series of forced sell-offs, causing the price to plummet to as little as $1,547 on late Thursday, down from nearly $1,700 just hours earlier. During this period, the cryptocurrency reached its most oversold state, as indicated by the relative strength index (RSI), since the FTX exchange crash in November of the prior year, which led to ETH's value falling below $1,000.
Prominent Bitcoin investors also capitalized on the reduced prices to expand their holdings. According to crypto analytics firm Santiment, wallets holding anywhere from 10 to 10,000 BTC accumulated a combined total of $309 million worth of BTC since August 17th.
