A whale has aggressively scooped up the crypto market correction, quietly accumulating nine figures worth of Ethereum (ETH).
First spotted by tracking firm Lookonchain, an entity known as “7 Siblings” has accumulated $129 million worth of ETH near the $2,300 level.
“While you guys were panic selling due to the market crash, the entity ‘7 Siblings’ with $1.57B assets quietly bought 56,093 ETH ($129M) at the bottom!
7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours of buying!
The average buying price is $2,305.”
7 Siblings turned heads in November 2022 for narrowly avoiding a $600 million liquidation event on the Maker platform.
Lookonchain spotted four additional whale addresses besides 7 Siblings gobbling up the Ethereum dip, including a nearly $40 million purchase from the Nomad Bridge Exploiter, who later deposited the funds into crypto mixer Tornado Cash.
“Bullish or Bearish on ETH?
We noticed that 5 whale addresses bought 144,071 ETH ($331.11M) during the market crash!
7 Siblings spent 129.3M USDC to buy 56,093 ETH at $2,305.
0x267e…f91e spent 101.97M USDC to buy 44,653 ETH at $2,284.
Nomad Bridge Exploiter spent 39.75M DAI to buy 16,892 ETH at $2,353.
0x5ac5…a17e spent 37M USDT to buy 16,407 ETH at $2,255.
0xCaf1…666E spent 23.08M USDC to buy 10,026 $ETH at $2,302.”
At time of writing, Ethereum is trading at $2,547.
Generated Image: Midjourney