Crypto whales are seemingly not perturbed by the crash of prices in the market, but rather seizing the opportunity to buy the dip before the market fully recovers.
According to market data provided by Santiment, Ethereum bag holders have decided to buy the dip by scooping about $500 million worth of ETH as the number of Ethereum addresses with over 10,000 ETH hit an all-time high.
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Going by the metric provided, a graph that tracks the number of large Ethereum addresses has faced a strong spike as the price of ETH dropped by almost 30% in the last few weeks due to the correction on both the financial and crypto markets.
Santiment tweeted, “Ethereum is hovering just below $2,500 once again after bottoming out at ~$2,170 just 3 days ago. Dip buyers can be happy knowing that whale addresses holding 10k or more ETH have added 200k ETH from weak hands since January 20, worth ~$497.2M.”
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According to Santiment, the increase in the number of Ethereum whales shown on the chart was the strongest since November 2022, when the price of the digital token ETH was on its way to hitting $5,000.
Following the whale buying activity, retail traders also joined the rally and started purchasing a large number of coins. The same data shows that the number of small wallets has spiked to 1.4 million.
Ethereum (ETH) managed to slow down on its way down due to the appearance of strong buying pressure. And the digital token now bounced from its local low of $2,170.
However, the market has not entered a full recovery mode due to the questionable sentiment around the crypto ecosystem. At the time of filing this report, ETH is trading at $2,607.84, with a relatively 8% price uptrend in the last 24 hours.
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