In the midst of heightened global tensions, the cryptocurrency market witnessed a significant downturn, with the TOTAL index plummeting by a staggering 17% over the weekend, marking a loss of nearly $430 billion in market capitalization. While this turbulence affected all digital assets, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, took a notable hit, experiencing an 18.43% decline, reaching a low of $2,852 per Ethereum.
However, amid the market chaos, a fascinating trend emerged – prominent players in the crypto sphere, often referred to as "whales," showed unwavering confidence in Ethereum's potential. Notably, large addresses were observed accumulating substantial amounts of ETH during the price drop.
Whale activities
One such whale, identified as "0xE34," seized the opportunity to accumulate 1,000 ETH, worth approximately $3.15 million, from Binance at the market's lowest point. This particular address went on to accumulate an impressive 8,300 ETH, valued at around $25.12 million.
Furthermore, another significant player, a wallet associated with Matrixport, made a decisive move by withdrawing 16,300 ETH, amounting to a staggering $51.1 million, from Binance amid the market turmoil. This wallet has been consistently withdrawing ETH from exchanges since March 29, accumulating a total of 67,286 ETH, valued at approximately $228.33 million, at an average price of $3,393.
Matrixport, a prominent player in the crypto financial services sector, has been actively involved in facilitating digital asset management and trading for institutional and retail investors globally.
These substantial purchases of Ethereum during a period of market instability highlight the confidence of several major players in the potential of the leading altcoin. Despite geopolitical uncertainties and market volatility, Ethereum continues to maintain bullish sentiment among key holders.