If you’ve been following Ethereum’s price lately, you might have noticed that it has been on a downward trend for the past month, losing over 10% of its value. And in the last week, it has been mostly stagnant, making the chances of a recovery seem unlikely.
However, when you delve into the on-chain data, you’ll discover something interesting. It appears that bigger investors, also known as smart money, have been accumulating Ethereum at its current price levels. This begs the question: do they possess information that we, regular investors, are unaware of?
Ethereum Whales Making Significant Purchases
According to Lookonchain, a well-known observer of on-chain metrics, a major investor has been making substantial purchases at crucial moments over the past few months.
For instance, on July 1st, just before the price of Ethereum started to recover from the SEC’s comments on the prospects of a Spot Bitcoin ETF, someone bought $15.2 million worth of ETH.
More recently, this whale deposited 36 million USDT to Binance and then withdrew a staggering $15.9 million worth of ETH around 40 minutes later.
Lookonchain concludes that the whale seems to be buying Ethereum at its lowest point.
But Wait, There’s More!
Lookonchain also tracked the address of the 1inch Investment Fund wallet.
The data reveals that the fund spent 4.75 million USDT to purchase nearly 2,922 ETH earlier today. Shortly after, it added another 3,076 ETH worth around 5 million USDT.
Currently, the 1inch Investment Fund holds approximately $26.8 million in USDT and around $20.5 million in ETH.
Hot Take:
The recent on-chain data suggests that larger investors are strategically buying Ethereum at its lowest point. This could indicate that they have insider knowledge or a strong belief in the future potential of the cryptocurrency. As smaller investors, it might be worth paying attention to these moves and considering the long-term prospects of Ethereum.
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