Key players in the market continue to increase their holdings of Ethereum (ETH), having invested millions of US dollars in the world's second-ranked cryptocurrency.
This event occurred even though prices have recently softened, causing the asset to drop nearly 3% in just this week alone. This difference shows that although price trends are still under pressure, institutional investors and whales remain confident in the long term as before.
The price drop does not deter the group of major buyers
Data from BeInCrypto Markets indicates that Ethereum continues to face pressure amid an overall market downturn. As of writing this news, the price of ETH is at 2,929.23 USD, down 1.06% in the past 24 hours
Although the declining price raises concerns for some investors, some groups see this as an opportunity to buy. Blockchain analytics firm Lookonchain emphasized that BitMine Immersion Technologies purchased 67,886 ETH worth approximately 201 million USD
Just one day prior, the company purchased another 29,462 ETH worth 88.1 million USD from BitGo and Kraken. These continued purchases align with the overall asset accumulation strategy of the company
In the past week, BitMine accumulated a total of 98,852 ETH, bringing the company's Ethereum holdings to over 4 million coins. With the latest trading price of Ethereum slightly above the average that BitMine purchased at 2,991 USD, the company seems not to be worried about short-term price volatility
Another big buyer is Trend Research, the second investment firm founded and managed by Jack Yi, founder of LD Capital, which purchased 46,379 ETH today, bringing the institution's total ETH holdings to approximately 580,000 coins
They started buying ETH since the beginning of November at a price of about 3,400 USD until now, accumulating a total of 580,000 ETH (approximately 1.72 billion USD) with an average cost of about 3,208 USD, which means that they currently have an unrealized loss of about 141 million USD, EmberCN reported
In a public announcement, Yi revealed that the company is preparing another 1 billion USD to buy ETH. He also suggested that one should not short-sell Ethereum either
Meanwhile, major players moving on the blockchain still play a role, with a wallet known as whale '66k ETH Borrow' which had previously accumulated 528,272 ETH worth about 1.57 billion USD, adding another 40,975 ETH valued at approximately 121 million USD
Since November 4, this whale has bought a total of 569,247 ETH (1.69 billion USD), of which 881.5 million USD was borrowed from Aave to purchase ETH,” Lookonchain noted
However, Fasanara Capital opted for a leveraged strategy as this company purchased 6,569 ETH worth 19.72 million USD in the past two days before depositing them in the Morpho protocol and borrowed 13 million USDC to purchase additional Ethereum
Ethereum whales part ways amid heightened trading
However, not all major players focus on accumulation, as some chose to reduce positions. BeInCrypto reported that Arthur Hayes sent 682 ETH worth approximately 2 million USD to Binance today
Lookonchain stated that this executive sold 1,871 ETH, totaling 5.53 million USD, during the past week while also purchasing Ethena (ENA), Pendle (PENDLE), and ETHFI
We are shifting our investments away from ETH and into high-quality DeFi names, which we believe can perform better as liquidity improves, Hayes wrote on X
Additionally, Onchain Lens reported that Bitcoin OG whale deposited 100,000 ETH worth approximately 292.12 million USD into Binance. The influx of large deposits into the exchange indicates preparation for selling coins, but it does not necessarily mean there will be immediate sales in all cases
Previously, ETHZilla revealed that it sold 24,291 ETH for approximately 74.5 million USD to pay off convertible debt secured by seniors. Despite such opposing movements, BeInCrypto also noted that selling activity from long-term Ethereum holders has decreased by over 95%
