Whales Continue Snap Up Bitcoin and Ethereum as Prices Drop

Major crypto investors are buying Bitcoin and Ethereum aggressively despite a sharp market sell-off that pushed most top assets into the red.

Fresh on-chain data shows that Whales and institutions are still heavily buying Bitcoin and Ethereum. According to an update from Lookonchain on X, an anonymous whale known as #66KETHBorrow has been buying large amounts of Ethereum and just made a new purchase worth $71.2 million, equal to 22,720 ETH, all in a single transaction.

At the same time, institutional investors are also taking advantage of the ETH price drop. Lookonchain reported that a new wallet linked to Tom Lee’s Bitmine received 9,176 ETH, worth 29 million dollars, from the Galaxy OTC Digital OTC wallet.

Besides Ethereum, Lookonchain also reported more institutional buying of Bitcoin. In the past 9 hours, Anchorage Digital received 4,094 BTC, worth $405 million, from Coinbase, Cumberland, Wintermute, and Galaxy Digital.

This recent Bitcoin acquisition indicates that while retail investors might panic when the prices drop, large investors see it as an opportunity to buy more. This kind of buying reinforces Bitcoin’s position as a good long-term investment and hints at continued institutional adoption ahead.

Bitwise CEO Says Crypto Bear Market Nears End

Bitwise CEO Hunter Horsley believes the crypto market has been in a 6-month bear cycle and is nearly over, driven by changes in market dynamics following the 2023 launch of Bitcoin ETFs. 

The CEO also noted that the U.S. government’s attitude, which became more positive under the new administration, helped change the market. 

Meanwhile, Coingecko reports that Bitcoin has dropped to $95,000 and is not reacting to recent institutional buying. Ethereum is also struggling to stay above $3,000, even with increased whale buying. 

Additionally, Bitcoin ETFs recorded their second-largest outflows ever at $869 million, while Ethereum ETFs lost $260 million, bringing total outflows for both to over $1 billion.