Crypto-kits buy up Ethereum amid falling cryptocurrency market

The analytical platform Lookonchain reports on its Twitter page: «BlockTower Capital has placed 5,000 Ethereum (ETH) worth more than $ 8 million on the Coinbase crypto exchange. The reason is the panic of traders after the sudden market crash. Meanwhile, two crypto whales grabbed the opportunity to buy ETH at a discount and purchased tokens totaling more than $ 9 million.

Thus, one whale deposited 3,998 ETH (equivalent to $ 6.72 million) with Compound and borrowed $ 5 million in stablecoins. After that, he bought 3,027 ETH at a price of $ 1,652. Another large cryptocurrency holder was interesting because he bought ETH at a low price and sold it at a much higher price. Lookonchain data shows that since June of this year, the investor has purchased 22.6 thousand ETH from Binance for a total of $ 38.2 million. During the last transaction, he added USD4 million to his wallet on the platform and withdrew 2,604 ETH after the market crashed.

Crypto industry analysts noted: «The «massacre» in the cryptocurrency market that has been taking place over the past day has not been without victims, and ETH is directly affected. CoinMarketCap data shows that the price of the leading altcoin has fallen by 6.03% over the past 24 hours. ETH is trading at $ 1687 with a market capitalization of $ 202.6 billion. Traders executed $ 16.3 billion worth of daily trades, an impressive increase of almost 200%. Ethereum’s dominance in the market amounted to 19.1%.

Over the week, ETH’s performance fell by more than 8%. In general, after reaching its all-time high of $ 4891.7 in November 2021, the price of ETH has now fallen by more than 65%.