Chinese Investment Firm Longling Capital Makes Big Ethereum Purchase
CryptoNewsTerminal Staff05 Aug, 2024
Chinese Investment Firm Longling Capital Makes Big Ethereum Purchase
Chinese Investment Firm Longling Capital Purchases 6,000 ETH Blockchain analytics firm 0xScope reported that a Chinese investment firm, Longling Capital, has recently made a significant purchase of Ethereum (ETH) worth $13.9 million amidst a market sell-off. The transaction involved the transfer of 20,000 ETH from a dormant address associated with Longling Capital to another address. 6,000 ETH out of the transferred amount is believed to have been purchased during the market downturn yesterday. Longling Capital's recent purchase indicates their continued interest in the cryptocurrency market. The firm's previous investments include blockchain projects such as Polkadot and Filecoin. This news is significant for the Ethereum ecosystem as it demonstrates the growing interest from institutional investors. It also suggests that the recent market correction may have presented an attractive buying opportunity for some investors.
