While the crypto market goes through turmoil and Ethereum (ETH) price drops, a whale has acquired over $65 million of ETH in multiple transactions in the past 10 days.
The whale has bought additional 4,100 ETH today at the price of $1,785 with its total purchase now reaching 33,441 ETH, currently valued at $60 million, in a 10 days buying spree.
Onchain analytics platform Lookonchain notes that this whale started buying ETH from March 26 and it has acquired these funds in multiple price ranges, with the whole holding now accounting for an average price of $1,959 per ETH.
By showcasing its not just an ordinary buyer, the whale has supplied all their ETH to Aave, a DeFi lending borrowing platform where their holding will bear an yield of 1.97% APY. As per Debank data, the whale has supplied 33,723.76 ETH to Aave, which is currently valued at $60.98 million.
Rather than just holding funds idle in the wallet, it will be utilized in DeFi practices and the whale will earn additional interest on it. This move is often used by “smart money” in the crypto space who thinks on long term holding strategies.
While the recent price decline has pushed ETH into the oversold territory, several analysts suggest that the current selling pressure may be overextended, and a potential rebound could be on the horizon. Historically, such oversold conditions have often followed strong recovery phases, especially when investor sentiment begins to stabilize across the broader market.
This whale’s strategy of accumulating ETH during a downtrend and putting it to work through Aave signals a long-term investment goal.
Also Read: Ethereum Price Prediction: Will ETH Rise Back After Brutal Start?
