Crypto whales are buying up the correction in digital assets markets, according to blockchain tracking firm Lookonchain.
Lookonchain says that as Ethereum dipped in price, a “smart whale” with a solid track record of profitable trades bought up the dip with over 3,600 ETH.
[adinserter block="1"]“After the price of ETH dropped [on Friday], this smart whale bought 3,600 ETH ($8.9 million) back at a lower price…
This whale is very good at buying ETH at low prices and selling ETH at highs.
The profit is ~$25.8 million currently!”
At time of writing, ETH is trading at $2,470.
Lookonchain also spotted a whale scooping up decentralized oracle provider Chainlink (LINK) as it dipped to the $14.81 level.
After the price of LINK dropped [on Friday], a whale spent $8.9 million to buy 601,949 LINK at $14.81 with three new wallets.
The price of LINK appeared to have stabilized after the large whale purchase. At time of writing, LINK is trading for $15.53.
Looking at Bitcoin, the on-chain data tracking firm says that a crypto whale withdrew nearly $30 million worth of BTC from crypto exchange Binance as the price fell below the $42,000 level.
“It seems that a whale is buying BTC!
In the recent market drop, a new wallet withdrew 700 BTC ($29.36 million) from Binance at an average price of $41,948.”
At time of writing, BTC is trading for $41,570.
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