Ethereum Whales Acquire 14,254 ETH Amid 6% Price Decline
Key Points:
- Ethereum whales have purchased 14,254 ETH during a market dip, spending 52.47 million USDC.
- The price of Ethereum has declined by over 6%, currently trading at $3,488.45.
- A whale known as "7 Siblings" is identified as making these significant purchases, continuing a pattern of buying during dips.
- Market data indicates low institutional demand for Ethereum, with outflows from spot ETH ETFs and recent security incidents affecting its outlook.
- BitMine holds 3.4 million ETH, amounting to 2.8% of the total supply, but this has not yet influenced the price positively.
Context:
- The ongoing decline in Ethereum prices is accompanied by diminished investor confidence and a lack of positive market catalysts.
- The recent $120 million Balancer exploit has also contributed to negative market sentiment.