Institution Accumulates 56,093 ETH Worth $129 Million Amid Market Slump
CryptoNewsTerminal Staff06 Aug, 2024
Institution Accumulates 56,093 ETH Worth $129 Million Amid Market Slump
On-chain data analytics provider Lookonchain reported a significant purchase by an institution named "7 Siblings." The institution, which holds $1.57 billion in assets, acquired 56,093 ETH (approximately $129 million) during the recent market sell-off. The buying spree commenced when ETH was priced at $2,600 and continued for 12 hours until the price dropped to $2,191. The average purchase price was $2,305. This accumulation strategy highlights the institution's long-term bullish outlook on Ethereum. Despite the market volatility, "7 Siblings" displayed confidence in ETH's potential by continuously buying throughout the price decline. The current ETH price of $2,450.34, reflecting a 1.24% increase, indicates a potential return on the institution's investment. The move serves as a reminder that institutional investors remain interested in the cryptocurrency market and view ETH as a valuable asset.
