An Ethereum whale capitalized on a recent market downturn, accumulating $39 million worth of ETH during a sharp sell-off triggered by US airstrikes on Iran. The whale’s activity is indicative of a strategic long-term investment perspective even during a time of greater market volatility.
This Ethereum whale, with wallet address 0x7355…213, bought nearly 9,400 ETH across two big trades on June 22. This build up raised the whale’s total Ether holdings to a stunning $330 million.
For context, what’s particularly notable is the buying spree that swept through those months. Simultaneously, Ether tanked, ranking as the worst-performing top cryptocurrency over the last 24 hours. On June 21, only a day before the whale’s purchase, Ethereum mega-whales orchestrated a titanic shift. They together bought more than 116,893 ETH worth an amazing $265.30 million displaying positive “buy the dip” attitude from big players.
The unidentified Ethereum whale used the price drop as an opportunity to purchase even more. Rather than cede the market, they decided to double down. The above data indicates that Ethereum wallets that hold 10,000 ETH today increased their net positions on the day that the US began airstrikes on Iran. Furthermore, they increased their positions just before the airstrikes. This buying pattern points to the fact that these institutional players view this as a long-term opportunity, not as something to panic over.
Supporting this bullish sentiment is technical analysis, which points to a possible 25% Ether price rebound. Whales have collectively caught $263.5 million of ETH in the recent price correction. Additional data from Glassnode that looks at broader whale holding patterns further indicates this kind of upside sentiment.
Ether is still sitting above a very important ascending trendline, which could lead to a massive bounce over the next few days. As historical precedent, a similar bounce from the same support line produced a 55% rally in April-May 2023. Should the prevailing condition persist, ETH could rally towards the $2,735 resistance barrier in the near term. This new movement—a jump of 25% from current prices—would be quite a feat.
Ethereum mega-whales continued to exhibit a strong buy-the-dip sentiment on June 21 by adding over 116,000 ETH, further solidifying their bullish stance.
