FED Chairman Jeremo Powell's hawkish stance in his statements yesterday caused a decline in Bitcoin (BTC) and altcoins.
While some investors made panic sales in the face of these declines, some investors turned the declines into opportunities and made purchases.
At this point, Lookonchain said that Chinese investment firm Longling Capital acquired Ethereum (ETH).
Chinese investment firm Longling Capital purchased 6,000 ETH following the recent price drop of ETH.
Since May 8 last year, the company has raised a total of 75,400 ETH ($180.4 million) at an average price of $2,392 and sold 50,800 ETH ($172.8 million) at an average price of $3,401.
“A smart whale (probably associated with LonglingCapital) bought 6,000 ETH after the price drop.
This whale is very good at buying ETH low and selling it high, and made a total profit of $83 million.”
Ethereum, which has fallen 5.2% in the last 24 hours, continues to be traded at $3,660 at the time of writing.
*This is not investment advice.