Whales Bought $390 Million Worth of ETH Despite the Dip

IconCryptoNewsTerminal Staff24 Jul, 2024

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Whales Bought $390 Million Worth of ETH Despite the Dip

Whales, or large investors, bought about 112,900 ETH ($390 million) on a single day, despite a dip in the price of ETH. This represents a significant increase compared to the $106 million net inflow into the nine ETH spot ETFs on the same day, according to data analytics platform IntoTheBlock. This buying activity suggests that whales are confident in the long-term prospects of ETH, despite short-term price fluctuations. ETH is the native cryptocurrency of the Ethereum blockchain, which is a popular platform for decentralized applications (dApps) and smart contracts. The recent decline in the price of ETH may have created a buying opportunity for whales, who are known to accumulate assets at lower prices. It is worth noting that the cryptocurrency market is volatile, and the price of ETH could continue to fluctuate in the future. However, whales' buying activity may be a sign of confidence in the asset's long-term value.

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