Huge Whales Are Loading Up on Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK) Amid Crypto Decline
The crypto markets are facing a downturn after Bitcoin’s ETF approvals earlier this month. However, experienced crypto traders see the current decline as a buying opportunity as they anticipate prosperous times for digital assets in the next 1-2 years.
On-chain analytics platform LookOnChain reported that a crypto whale recently withdrew 700 BTC worth $29.36 million from Binance during the latest Bitcoin price drop, purchasing the coins at an average price of $41,948. “It seems that a whale is buying $BTC! In the recent market drop, a new wallet withdrew 700 $BTC($29.36M) from #Binance at an average price of $41,948,” wrote LookOnChain’s analyst on social media X (Twitter).
Ethereum is also on the radar of smart crypto whales. After ETH’s price dropped today, one whale bought 3,600 ETH worth $8.9 million within the past 5 hours at lower prices. “This whale is very good at buying $ETH at low prices and selling $ETH at highs. The profit is ~$25.8M currently!” noted the on-chain analytics platform.
Chainlink has seen similar accumulation from whales during its price decline. Three new Chainlink whale wallets spent $8.9 million to buy 601,949 LINK at $14.81 per token. “After the price of $LINK dropped today, a whale spent 8.9M$ to buy 601,949 $LINK at $14.81 with 3 new wallets,” reported LookOnChain.
Meanwhile, on-chain analytics provider SpotOnChain noticed a new Chainlink whale emerging. “New wallet 0x5c7 spent 4.96M $USDC to buy 336,529 $LINK at ~$14.74 (the local bottom) ~4 hours ago. Notably, the wallet received its funding stablecoins from two other wallets that, on the other hand, had been dormant for over a year!”
SpotOnChain also tracked a dormant Ethereum whale moving funds after two years of inactivity. “Another big earner accumulated $ETH today! Whale 0xc47 returned after 2 years of dormancy to withdraw 5,580 $ETH ($13.76M) from #Coinbase ~1 hour ago.”
According to SpotOnChain’s data, this whale previously made an estimated profit of $31.1 million (+43%) trading ETH between September 2020 and March 2022.
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Show more +The on-chain data signals that experienced crypto investors view the current decline as a temporary downturn before the next bull market. As a result, huge crypto whales are steadily accumulating positions in leading cryptocurrencies Bitcoin, Ethereum, and Chainlink to benefit from future price rises.
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