Recently, ETH has been suppressed by BTC, with the price hovering around $3000. However, on-chain data shows that large holders are frantically buying the dip!

A mysterious address spent 100 million to buy ETH.

There is a whale with an address called 66kETHBorrow, which borrowed $85 million USDT from Aave in the past 20 hours, and then used it all to buy ETH – 38,576 pieces, spending $119.3 million, at an average price of $3090. After buying, this guy holds a total of 528,272 ETH, worth $1.723 billion! What a level of wealth! lookonchain

The key is the timing of the purchase; ETH had just dipped below $3200, at a recent low. This is clearly buying the dip.

Another big player is exchanging BTC for ETH.

Another whale address 0x9F61 is even more ruthless, directly exchanging 502.8 BTC for 14,500 ETH (worth $45.24 million). Recently, he has cumulatively exchanged 1969 BTC ($177.9 million) for 58,149 ETH. This kind of 'sell BTC to buy ETH' operation indicates that institutions believe ETH's price increase will surpass BTC's.

ETH is currently priced at $2953, with a 24-hour increase of 0.48%. Although it is still below the 50-day moving average, the RSI has rebounded from the oversold area to 43.8, and the MACD histogram has also turned positive, suggesting a potential rebound. The futures open interest has dropped by 4.48%, but the funding rate is still positive, indicating that the bulls have not run away.