Ethereum Whale Dormant for Six Years Deposits $228,600,000 in ETH to Bitfinex Just Before Crash: Lookonchain

Blockchain tracking firm Lookonchain says one savvy trader moved a massive amount of Ethereum (ETH) to a crypto exchange right before the severe market correction.

According to Lookonchain, an anonymous trader suddenly woke up after six years to move 77,736 ETH valued at $228.6 million at the time to crypto exchange Bitfinex ahead of Ethereum’s plummet to around $2,100 this weekend.

Lookonchain says the wallet had initially withdrawn 77,736 ETH worth $11.9 million at the time from Bitfinex on January 5th, 2019, when the price per ETH was just $153.

Meanwhile, Lookonchain reports that some crypto whales are buying Ethereum’s dip, including an entity known as “7 Siblings.”

“Another wallet of 7 Siblings bought 5,382 ETH ($14.5 million). 7 Siblings bought a total of 50,429 ETH ($126 million) [Monday]. The last time ‘7 Siblings’ bought a large amount of ETH at the bottom was on August 6th, 2024, when the market crashed.”

In August, Lookonchain noticed that 7 Siblings accumulated $129 million worth of ETH near the $2,300 level.

“While you guys were panic selling due to the market crash, the entity ‘7 Siblings’ with $1.57 billion assets quietly bought 56,093 ETH ($129 million) at the bottom!

7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours of buying! The average buying price is $2,305.”

ETH is trading for $2,883 at time of writing, up 1.1% in the last 24 hours.

Generated Image: Midjourney