The crypto market took a hit over the week and Ethereum is no exception. The crypto price lost 10% of its value today dropping from an intraday high of $2654 to currently $2419.
This market condition has created fear with many investors pulling out their funds from various positions due to the pressure. However, some whales especially the popular crypto whale group “7 Sublings” see this as an opportunity to acquire more of the token.
According to Lookonchain, the group recently spent “$28.75 million DAI to buy 12,070 ETH at $2,382 per coin. Right now, they hold a total of 1.15M $ETH($2.8B) in 2 wallets.
Meanwhile, this is not the first time, the group is very much known to buy the dip whenever there’s a crash in the market. The most recent purchase before now was on Feb 3, when the group bought a total of 50,429 $ETH approximately $126M on the day. Before that, 7 Siblings also made similar transactions when the market hit a low in August.
This strategy is a very common one among investors who buy assets when prices drop in hopes of a future rise. Meanwhile, ETH is still seeing a good performance in trading volume despite the drop. It has increased by 78% today with most of the transactions coming from Binance exchange.
Also Read: Binance’s CZ Predicts Bitcoin Crash From $1M to $985
