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Whales are buying Bitcoin and Ethereum en masse after the market drops
After one of the most painful weeks for the cryptocurrency market, large investors have begun to actively use the drop to accumulate assets. Online data shows that the so-called «whales» are buying up Bitcoin and Ethereum en masse, demonstrating confidence in the market’s possible recovery after the sharp collapse.
According to transaction data, two newly created wallets have made large-scale withdrawals from the Binance exchange. The Bitcoin wallet with the ID 17oiCa accumulated about 3,500 BTC with a total value of approximately $ 249 million: 714,325 BTC for $ 50.05 million, 2,156 BTC for $ 151.21 million, 630,001 BTC for $ 44.42 million, and a small transfer of 0.9 999 BTC for $ 693.87.
At the same time, another wallet focused on Ethereum, withdrawing a total of 30,000 ETH with an estimated value of $ 63 million. This amount included two major transactions — 20,000 ETH for $ 42.02 million and 10,000 ETH for $ 20.98 million. These transactions are in line with the general accumulation trend recorded in early February after the market’s sharp capitulation.
Analysts note that the withdrawal of large volumes of assets from exchanges reduces the supply available for trading, which can stabilize prices and limit further declines. In the case of Ethereum, the situation is even more pronounced: whales are withdrawing hundreds of thousands of ETH from exchanges such as Binance and Kraken, reducing exchange reserves to their lowest levels in several years. Large addresses switched from pre-sale to active accumulation, in particular by transferring funds to self-storage.
Against this backdrop, Bitcoin recovered from lows near $ 60,000 and at some points rose to $ 71,000. As of the time of publication, it was valued at $ 70,886, having added more than 2% over the past day, although it still showed a decline of more than 8% over the week. Ethereum was trading at $ 2,094 with a daily gain of 1.4%, but its value has remained almost 10% lower over the past seven days.