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Ethereum whale accumulations seem to be increasing, which is an interesting development in the cryptocurrency space, given that the token's price has just experienced a notable decline. According to on-chain data that has surfaced over the cryptocurrency horizon, two well-known whales seem to be buying in droves, amassing Ethereum during falls in price. These whales have previously been seen buying ETH at cheap prices and then selling it at high prices to profit handsomely.
In the meantime, market emotions for Ethereum are taking an exciting turn, pointing to strengthened prices in the near future, as the accumulations surface during the token's price fall.
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Viewing the Report in More Detail
As to the information disclosed by Spotonchain, a website that provides
insights into blockchain tracking, the two whales, 0x347 and 0xc47,
amassed enormous quantities of Ethereum today, January 19. In line with
this, at $2,456, the whale 0x347 withdrew 3,600 ETH from Binance, making
it worth $8.84 million. In contrast, the whale 0xc47 amassed 5,580
Ethereum, which is valued at $13.76 million, on Coinbase.
Interestingly, it has been seen that these whales have previously
accumulated comparable quantities of ETH and turned them into profits.
Following a two-year hiatus, the whale 0xc47 made a reappearance in the
market, recording an estimated gain of $31.1 million using ETH between
September 8, 2020 and March 9, 2022. A whale known as 0x347 was observed
amassing ETH during the bear market of the previous year and subsequently
depositing it to CEXs as prices rose.
The Price of Ethereum Drops
As of this writing, the price of Ethereum has seen a notable decline over the last day, falling 2.09% to $2,482. Its weekly chart also showed a drop of 4.92%, which helped the whales buy the dip. The token's 24-hour trading volume, however, saw a notable 15.28% increase and is currently trading at $11.93 billion. The recent whale story and the spike in trading activity provide further context for the coin.