Large investors buy $66m in Ethereum during market decline
On-chain data shows wallets moving millions in stablecoins and ether as the price of the second-largest cryptocurrency falls below $2,150.
Key takeaways
- 1Wallet 0xFD10 borrowed $22m from Aave to buy 10,000 ETH at $2,155
- 2Wallet 0x4AB7 withdrew 16,577 ETH worth $37.5m from Binance over seven days
- 3Ethereum price fell 3.8 per cent to $2,145.08 on Monday
Large investors bought more than 26,000 ether worth approximately $66m over the last week as the market price fell on Monday. On-chain data shows one wallet, identified as 0xFD10, borrowed $22m in tether from the Aave lending protocol to purchase 10,000 ether at an average price of $2,155. Another wallet, 0x4AB7, withdrew 3,500 ether worth $7.53m from the Binance exchange at the same time.
The activity follows a pattern of accumulation by large holders during periods of price volatility. Wallet 0x4AB7 has now moved a total of 16,577 ether worth $37.5m off exchanges in the past seven days. These movements suggest that high-net-worth participants are opting to hold the asset in private wallets rather than keeping it on trading platforms.
Ethereum is the second-largest digital asset by market value and serves as the primary network for decentralised finance applications like Aave. YourKhabri data shows the price of ether fell 3.8 per cent in the 24 hours to 02:27 UTC on Monday, bringing its market capitalisation to $262.1bn. This latest buying activity follows a similar move on 2 November, when another large investor purchased 16,658 ether for $37.96m when the price was $2,293.
Large-scale purchases during price dips often indicate that wealthy investors view the lower prices as an entry point. Traders typically watch exchange withdrawal data as a sign of reduced selling pressure, as assets moved to private storage are generally not intended for immediate sale. The market will monitor whether these accumulation patterns continue if the price remains near the $2,145 level.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.