Ethereum

Pendle

April

Spot

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As <a href="https://u.today/ethereum-eth-price-history-hints-at-double-digit-gains-in-q2-what-to-watch" rel="noopener noreferrer nofollow">Ethereum</a>, the second largest cryptocurrency by market capitalization, experienced a rapid price decrease, a fascinating development emerged: <a href="https://u.today/ethereum-whale-swallows-13500-eth-on-major-crypto-exchange" rel="noopener noreferrer nofollow">Ethereum whales</a> began to accumulate massive amounts of ETH, showcasing a strategic play in the face of uncertainty.
The term "whale" is used to describe individuals or entities that hold a significant amount of a cryptocurrency, and their recent action in the wake of a broader market downturn has prompted attention and speculation across the crypto community.
As the Ethereum price sharply fell to lows of $2,850 on April 13, on-chain data captured a strategic accumulation made by an ETH whale or large holder.
According to <a href="https://twitter.com/spotonchain/status/1779315441720270931" rel="noopener noreferrer nofollow">Spot On Chain</a>, the Ethereum Whale "0x435" spent 70 million USDC to buy 23,790 ETH as Ethereum fell to nearly $2,942.
<blockquote>
 Despite the recent 8% correction in the <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> price (24H), whales are still buying <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>!1. Whale 0x435 spent 70M$ USDC to buy 23,790 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> at ~$2,942 4 hours ago:• In total, the whale has accumulated 60,808 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($191M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> and DEX in the past 15 hours, after each… <a href="https://t.co/ujZRULGAkX" rel="noopener noreferrer nofollow">pic.twitter.com/ujZRULGAkX</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1779315441720270931?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 14, 2024</a>
</blockquote>
Based on data from on-chain sources, the whale's buying frenzy began days ago, when the ETH price began to plummet, and included withdrawals from Binance and decentralized exchanges.
On-chain analytics firm <a href="https://twitter.com/lookonchain/status/1779357520647327782" rel="noopener noreferrer nofollow">Lookonchain</a> reports one of the said whale transactions, which involved a withdrawal of 37,018 ETH worth $120.7 million from Binance.
The said whale has accumulated 60,808 ETH worth $191 million from Binance and DEX following each sharp drop in the last 24 hours and has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days.
Currently, the whale has 85,931 ETH worth $278 million, as well as $136 million in USDT and USDC stablecoins in Aave.
The whale's actions coincided with a broader trend of Ethereum accumulation by large holders. Another mysterious whale, a fresh wallet tagged as "0xE347," was said to have withdrawn 7,300 ETH worth $23.8 million from Binance and transferred it to Pendle Finance. A cVault.finance deployer paid 6 million DAI to buy 2,018 ETH for almost $2,973, according to Spot On Chain.
At the time of writing, <a href="https://u.today/surprising-ethereum-long-term-indicator-for-price-emerges-as-eth-dips" rel="noopener noreferrer nofollow">ETH</a> was down 6.05% in the last 24 hours to $3,060, up from intraday lows of $2,911, mirroring the broader crypto market crash. Ethereum declined for three days in a row from highs of $3,617 to lows of $2,850 on April 13 before slightly recovering.

Ethereum (ETH) Price Crash: Whales Dive In as $3,000 Support Falters

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