After a significant downturn in the cryptocurrency market, clever whales took action. Because it demonstrates its skills in utilizing the potential offered by falling prices. Here are the whales’ latest altcoin purchases…
Whales have this altcoin in focus
One of the notable players in this unfolding story is a whale reawakening after five months of sleep. In a bold move, this investor bought an average of 907.4 Ethereums using 1.52 million USDC just 21 hours ago. The market quickly recognized this strategic maneuver and labeled this asset a “smart whale” based on its shrewd trading history. Known for its pattern of buying at low valuations and selling at peaks in all previous ETH trading cycles, the calculated moves of this whale have yielded substantial dividends. The current estimate of his profit is an impressive $600,000.
🚨 A smart whale woke up after 5 months of dormancy and swapped 1.52M $USDC for 907.4 $ETH at $1.68K 21 hours ago.
Notably, this whale bought at lows and sold at highs in all of its previous $ETH trading cycles and made ~$600K profit. pic.twitter.com/qHs1t8SN5K
— Spot On Chain (@spotonchain) August 20, 2023
Another whale, identified as “0xee2”, took the stage with a significant investment. This asset allocated 11.15 million USDC to purchase 5,120 wrapped ETH (WETH) and an additional 1,506 ETH, all purchased at an average price of $1,683. Before embarking on this strategic move, the “0xee2” whale initially deposited 6,676 ETH and 2,747 staked ETH (stETH) to borrow 8 million USDC from Aave, a leading decentralized lending platform.
Whales make a profit
A third wallet operating under the alias “0x828” also attracted attention. This asset spent a total of $4.38 million to buy 2.6k ETH at an average price of $1,682. Notably, “0x828” had made an impressive $14.17 million profit in the previous two ETH trading cycles. Currently, he is holding 22,601 ETH. This corresponds to a value of $37.8 million at the current market price.
🚨 Whale and Smart trader tried to buy $ETH from the bottom:
1. Whale 0xee2 spent 11.15M $USDC to buy 6,626 $WETH at $1,683 ~7 and 6 hours ago
2. Smart trader 0x828 accumulated 2.6K $ETH at $1,681.85 ($4.38M) ~7 hours ago.
Details 👇 pic.twitter.com/Z1I9iIzTNq
— Spot On Chain (@spotonchain) August 18, 2023
These strategic moves by seasoned investors demonstrate their confidence in Ethereum’s long-term potential as well as their ability to capitalize on market fluctuations. As the cryptocurrency space continues to evolve, the actions of these whales stand as a testament to the complex dynamics at play in the crypto-asset space.
What are the latest developments in the Ethereum ecosystem?
Meanwhile, Ethereum developers are planning to launch a new testnet called Holesky, which aims to bring 1.6 billion Holesky testnet ETH to the network. The core developers of Ethereum highlighted that 1.4 million validators are being evaluated for Holesky with the aim of enhancing the comprehensive development of the Blockchain. As reported by core developer Tim Beiko during the Ethereum Execution Layer Meeting 168, Parithosh Jayanthi shared an update on the recently launched devnet-8. Beiko noted that although some customers have encountered difficulties, most have been addressed or fixed.
In particular, Lighthouse ran into a problem due to the removal of support for nplex, an issue they were planning to resolve. Additionally, Beiko revealed that Ethereum JS fixed a bug related to multiple “forkChoiceUpdated calls” during block generation. Detected and fixed pre-launch glitches in Geth and Nethermind. The Ethereum developer also stated that the Ethereum Foundation’s Devops team has joined forces with Kurtosis Tech for pre-launch testing and plans to leverage this team to augment test cases.
