HomeFinance NewsCryptocurrency Whales Exploiting Bitcoin, Ethereum, and Chainlink Price Drops, Says Lookonchain

Cryptocurrency Whales Exploiting Bitcoin, Ethereum, and Chainlink Price Drops, Says Lookonchain

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The crypto market has seen a significant influx of large investors, or “whales,” as the digital asset markets continue to correct. Blockchain tracking firm Lookonchain has reported that a smart whale recently purchased over 3,600 ETH, worth $8.9 million, as the price of Ethereum dropped. This strategic buying pattern has resulted in a profit of approximately $25.8 million for the investor. In addition to Ethereum, another whale was observed buying 601,949 LINK for $8.9 million as the price of Chainlink dipped to $14.81. This purchase led to a stabilization of LINK’s price in the market.

The trend of large crypto purchases has extended to Bitcoin as well, with a significant amount of BTC being withdrawn from crypto exchange Binance by a new wallet. Withdrawing 700 BTC, valued at $29.36 million at an average price of $41,948, this move indicates that whales are actively acquiring Bitcoin as the market fluctuates. In light of these whale transactions, it is evident that large investors are capitalizing on the correction in digital asset markets to make strategic and profitable purchases. This buying pattern signifies confidence in the long-term potential of these cryptocurrencies, despite market uncertainties.

As Ethereum, Chainlink, and Bitcoin continue to attract large-scale investments, the behavior of these whales could influence market sentiment and contribute to the overall stability and growth of the digital asset markets in the near future. Investors and traders closely monitoring these developments may gain valuable insights into market dynamics, providing potential opportunities for profitable investment strategies.

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