The sharp declines in Bitcoin triggered panic sales in altcoins, and altcoin prices also suffered significant losses.
At this point, investors turned the decline in altcoins into an opportunity and started buying dips.
According to Lookonchain's post, two giant whales turned to Ethereum and ETH-based altcoins.
Accordingly, two whales aavebank.eth and 0x345f purchased altcoins worth $ 10.4 million.
This whale added Ethereum, Aave (AAVE), UniSwap (UNI), Chainlink (LINK), ENS, PENDLE and Lido DAO (LDO) to its portfolio yesterday and today.
“Whales/Institutions are accumulating altcoins in the Ethereum ecosystem.
Aavebank.eth 3 hours before Binance.
21,027 AAVE (valued at $1.98 million), 205,493 UNI (valued at $1.62 million), 446 ETH (valued at $1.37 million), 102,313 LINK (valued at $1.28 million) and 20,797 ENS (valued at $534k ) he bought.
The whale “0x345f” withdrew 508,001 PENDLE (valued at $1.89 million) and 1.08 million LDO (valued at $1.77 million) from Binance 11 hours ago.”
Experts think that the upcoming launch of spot Ethereum ETFs may be influential in these purchases. While ETF analysts point to July 15 or 18 for the possible launch date of ETH ETFs, some analysts do not give a date but expect the ETFs to be opened for trading in July.
After Ethereum ETFs are opened for trading, it is expected that there will be an increase in ETH and altcoins in the ETH ecosystem due to the ETF effect.
Whales/Institutions are accumulating #Ethereum ecosystem tokens.
aavebank.eth withdrew 21,027 $AAVE($1.98M), 205,493 $UNI($1.62M), 446 $ETH($1.37M), 102,313 $LINK($1.28M), and 20,797 $ENS($534K) from #Binance 3 hours ago.
Whale"0x345f" withdrew 508,001 $PENDLE($1.89M) and 1.08M… pic.twitter.com/e01bGmCtE0
— Lookonchain (@lookonchain) July 12, 2024
*This is not investment advice.
