Ethereum and Bitcoin Whales Embark On Buying Spree Amid Price Dips

The crypto market has witnessed notable correction over the past few days, with Bitcoin and Ethereum slipping off crucial support zones. This price dip has triggered a significant surge in whale activity.

With every dip in Bitcoin and Ethereum price, whales accumulate more tokens. Some top Bitcoin investors purchased more than $1 billion of BTC over the past 24 hours. 

Similarly, a top Ethereum whale amassed over $32 million in Ether within seven days. 

Whales’ Activity Skyrockets Amid Declining Ethereum and Bitcoin Prices

Bitcoin has lost its anchor at the $63,000 threshold, and Ether has fallen below $3,000. With the gradual contraction in the broader crypto market, selling pressure builds, with whales seizing the opportunity to buy more assets.

Data from Santiment, an on-chain market intelligence platform, showed a remarkable surge in whale activity for Bitcoin over the past 24 hours. According to the data, investors’ wallets with 1,000 to 10,000 BTC tokens accumulated $941 million in Bitcoin.

The buying frenzy represents a rebound to the whales’ highest bitcoin-holding level over the past 14 days.

🐳 As #Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks. https://t.co/NkYwRsc8Pd pic.twitter.com/LWAt03TgUP

— Santiment (@santimentfeed) May 8, 2024

Similarly, on-chain data provider Lookonchain revealed a whale activity involving the second-largest crypto asset by market cap, Ethereum. According to the data, a top investor holding a long Ether position withdrew 6,030 ETH worth about $18.09 million from Binance. 

The massive whale transaction follows a consistent accumulation pattern from Binance since the start of May. On-chain data showed that the whale had swopped about 10,758 ETH worth $32.14 million from Binance since May 2.

A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.

This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.

He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua

— Lookonchain (@lookonchain) May 9, 2024

Further, the large investor has completed several transactions from his wallet. He converted the acquired ETH coins to staked Ethereum (stETH), which he deposited at Aave, a DeFi lending platform. 

Also, the whale borrowed $28.5 million in stablecoins from the leading platform to purchase more Ether.

Crypto Market Outlook: Massive Bitcoin Rally Underway?

The massive whales’ accumulation of Bitcoin dips could signify an upcoming rally. Most crypto investors usually buy the dips and wait for a bullish overturn in sales and huge profits.

Moreover, amid the ongoing downturn, some prominent crypto personalities have made bold predictions for the price of Bitcoin. In a recent X thread, Ji Young Ki, the CEO of CryptoQuant, said Bitcoin has strong fundamentals that would support a three-fold increase in its market cap. He noted that BTC has all it takes to shoot its price to $265,000.

#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY

— Ki Young Ju (@ki_young_ju) May 8, 2024

Meanwhile, as of 06:06 AM EST on May 9, Bitcoin trades at $61,163, representing a drop of 1.91% over the past 24 hours. Its market cap now sits at $1.20 trillion, while its dominance over the altcoins is 53.18%.

Ethereum’s price now hovers around $2,976, following a slight decrease of 0.84% in the past day.