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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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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!