Ethereum Whale Awakens After Six Years, Deposits $228M to Bitfinex Before Crash

Ethereum Whale Dormant for Six Years Deposits $228,600,000 in ETH to Bitfinex Just Before Crash: Lookonchain

Blockchain tracking firm Lookonchain has revealed that an anonymous trader moved a substantial amount of Ethereum (ETH) to a crypto exchange just before the recent market correction. According to Lookonchain, the trader, who had been dormant for six years, transferred 77,736 ETH, valued at $228.6 million at the time, to Bitfinex before Ethereum's price plummeted to around $2,100 this weekend.

The wallet in question had initially withdrawn 77,736 ETH worth $11.9 million at the time from Bitfinex on January 5th, 2019, when the price per ETH was just $153. This suggests that the trader had been holding onto their ETH for a significant period before deciding to move it to an exchange.

Meanwhile, Lookonchain reports that some crypto whales are taking advantage of Ethereum's dip, including an entity known as "7 Siblings." The entity bought 5,382 ETH ($14.5 million) on Monday, adding to their previous purchases of 50,429 ETH ($126 million). This is not the first time 7 Siblings has bought a large amount of ETH at the bottom of the market, as they had previously accumulated $129 million worth of ETH near the $2,300 level in August 2024.

While the market has been experiencing a correction, some whales seem to be capitalizing on the lower prices, indicating potential confidence in a future recovery. However, it is essential to remember that market conditions can change rapidly, and investors should always conduct their own research and consult with a professional before making any financial decisions.