After the massive “Black Monday” crash that sent Bitcoin prices below $75,000, the world’s largest cryptocurrency has made a partial recovery.
At the time of writing, the BTC price is trading at around $78,568. However, on the Ethereum side, the impact of the decline was more severe. ETH saw below $1,450 for the first time in a long time.
So how did crypto whales trade during these declines? Here's what whales did, according to crypto onchain data providers.
According to the data, two different crypto whales purchased 15,191 ETH worth $23.94 million during today’s market bottom. The first whale has accumulated a total of $57 million worth of ETH at an average price of $2,343 since February 11, 2024. At the time of writing, the whale’s total loss is $19.36 million.
The second crypto whale has been buying ETH for the last 6 days, at an average cost of $1,709. This whale has currently lost $3.6 million from these purchases.
On the other hand, onchain data suggests that one of the early whales that participated in Ethereum’s initial coin offering (ICO) may have panicked in the face of the drop. This crypto whale moved 7,000 ETH worth $10.21 million to crypto exchange Kraken after the ETH price crashed. The whale currently holds 23,070 ETH worth $34.5 million.
For Bitcoin, a crypto whale bridged $5 million worth of stablecoins to decentralized cryptocurrency exchange Hyperliquid, where he opened a long position at $77,231 with 20x leverage. The crypto whale with the short address 0xe41 closed his position at $77,100, according to Hyperliquid data, and incurred a loss.
*This is not investment advice.
