Whales saw the sharp decline in Bitcoin and cryptocurrencies as an opportunity to buy Ethereum.
According to on-chain data and analysis account Lookonchain, whales took advantage of the downturn.
A whale with the wallet “0x4359” bought 37,018 Ethereum (ETH) worth $120 million from Binance today. The same whale collected 62,141 Ethereum worth $202 million on Binance over a 5-day period.
On the other hand, a newly opened wallet withdrew 7,300 Ethereum worth $23.8 million from Binance today.
Yesterday, Ethereum dropped from around $3,550 to $3,060 in parallel with the downturn in Bitcoin and the cryptocurrency market. After some recovery, Ethereum is currently finding buyers at around $3,221.