The world’s second largest cryptocurrency, Ethereum (ETH), has become one of the most depreciated among the largest tokens. ETH price has dropped more than 15% in the last week. However, this market outlook shows altcoin whales accumulating DeFi projects.
Ethereum whales bought more than 6,000 WBTC
According to data provided by Whalestats, an ETH whale named “Saruman” is accumulating a large amount of Wrapped Ethereum (wETH). Whale wallet has purchased more than $11.8M in wETH in the last 24 hours. The purchase was completed in 9 transactions. However, the largest transaction recorded by the whale was wBTC worth $2.43 million.
When we searched, the data showed that the “Saruman” wallet It shows that it currently holds over $49.1 million in wETH. Another major transaction shows that the same whale also received 1,100 Wrapped Bitcoins (WBTC). Thus, Saruman bought WBTC worth about $32.5 million. Meanwhile, the top 100 ETH whales are currently holding almost $40 million worth of WBTC. It represents 0.9% of the whales’ total balance.
Whales consider bottom prices
Ethereum is trading around $1,770 at the time of writing. As you can see from the cryptokoin.com analysis, the price of ETH has fallen below the critically important $ 1,800 price level in a very long time. However, ETH’s locked total value (TVL) has also dropped 40% in the past month. Meanwhile, it still has the largest TVL of $67.44 billion. The total market capitalization of ETH also dropped to $215.04 billion.
Ethereum’s 24-hour trading volume increased by over 30% to reach $2.2 billion. These moves suggest that whales are turning to DeFi options to protect their returns during the price drop. It also implies that the largest whales have successfully exploited the buy offer opportunity. Meanwhile, most of the cryptocurrency has recorded a massive drop this week. The global crypto market slumped to $1.2 trillion. It has dropped more than 50% from its recorded ATH in November.
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