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Ether Whales Scooped Up $94M in ETH as Price Plunged to $1.6K

Last Thursday's plunge in prices drew the attention of a number of sizable holders.

By Krisztian Sandor
AccessTimeIconAug 24, 2023 at 7:24 p.m. UTC
Updated Aug 24, 2023 at 7:35 p.m. UTC
ETH whales add to holdings (Todd Cravens/Unsplash)

ETH whales add to holdings (Todd Cravens/Unsplash)

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Large ether (ETH) investors pounced on lower prices after last Thursday’s tumble in crypto markets to add to their holdings, blockchain data shows.

According to Lookonchain, four “whale” entities accumulated a total of $94 million in ETH over the past seven days.

So-called whales are crypto investors who control large amounts of a digital asset. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.

The whale purchases occurred as ETH slumped to its weakest price since June due to cascading liquidations, hitting as low as $1,547 at one point late Thursday from nearly $1,700 just hours before. The cryptocurrency at that time recorded its most oversold condition per the relative strength index (RSI) indicator since the collapse of FTX exchange last November, which pulled ETH below $1,000.

Large bitcoin investors also seized upon lower prices to increase their stash, with wallets holding between 10 and 10,000 BTC adding a total of $309 million in BTC since Aug. 17, crypto analytics firm Santiment noted.

Edited by Stephen Alpher.

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Krisztian Sandor
Krisztian Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Follow @sndr_krisztian on Twitter

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