Whales Buying Bitcoin (BTC) and Ethereum (ETH) Dump, Is the Beginning of Bull Run?

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In response to the recent drop in the values of Bitcoin (BTC) and Ethereum (ETH), whales have seized the opportunity to make strategic entries into the market. Interestingly, two of these major whales took advantage of the situation and bought a substantial amount of BTC and ETH when the prices were at their lowest point.

Whales Buying Dump

Lookonchain, a reputable cryptocurrency analytics platform, shared insights into the activities of these strategic whales. In an initial tweet, Lookonchain highlighted a Bitcoin whale’s move, revealing a substantial withdrawal of 700 BTC ($29.36 million) from Binance. 

The acquisition occurred at an average price of $41,948, indicating a strategic move during the market downturn. This move raises questions about the whale’s market timing and confidence in the long-term potential of BTC.

Well as of the latest update, Bitcoin’s current price stands at $41,214, reflecting a 2.97% decrease in the last 24 hours and a 9.69% drop in the last seven days.

Ethereum on Radar Too

Shifting our focus to Ethereum, Lookonchain’s follow-up tweet highlighted a discerning whale’s acquisition of 3,600 ETH ($8.9 million) at a lower price. The tweet highlighted the whale’s proficiency in buying ETH at lower values, resulting in a current profit of approximately $25.8 million. 

Meanwhile, such strategic moves by cryptocurrency whales often signal strong market sentiment and a belief among experienced investors in the potential for quick recovery and upward momentum.

However, the current Ethereum price is $2,480, showing a 1.22% decrease in the last 24 hours and a 4.70% decline in the last seven days.