An entity known as “7 Siblings” has taken advantage of the recent decline in Ethereum prices, acquiring thousands of ETH tokens, as reported by the blockchain analytics platform Lookonchain. According to their data, this entity discreetly bought up 56,093 ETH, amounting to approximately $129.3 million at that time.
### Transaction Insights
Blockchain records indicate that 7 Siblings began its ETH accumulation on August 4, 2024, when ETH was priced around $2,600, and continued purchasing as the price fell to $2,191. The average cost per ETH for this acquisition was $2,305.
Notably, Lookonchain observed that this accumulation took place over a span of 12 hours. The entity converted $129.3 million worth of USD Coin (USDC) into ETH across several platforms, including 1inch and Uniswap.
### 7 Siblings’ Strategic Moves
This activity piqued the interest of Lookonchain because it contrasted sharply with general trends in the cryptocurrency market. As prices dropped, many investors opted to convert their digital assets into safer alternatives, such as stablecoins, due to fears that the market might continue to decline and lead to substantial losses. In contrast, 7 Siblings viewed the price dip as a prime opportunity to bolster its holdings of the second-largest cryptocurrency by market capitalization.
### Asset Overview
Data from Arkham Intelligence reveals that the blockchain wallet managed by 7 Siblings holds a total of $259.35 million in various cryptocurrencies. Ethereum constitutes the largest portion of this portfolio, with 62,958 ETH valued at approximately $153.4 million. Additionally, the entity possesses $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million in Wrapped NXM (WNXM), among other assets.
### Broader ETH Accumulation Trends
7 Siblings is not alone in capitalizing on the recent price drop to acquire ETH. Lookonchain has identified four other significant crypto whales that took advantage of the downturn to purchase ETH at reduced prices. Together, these whale addresses, including 7 Siblings, amassed a total of 144,071 ETH, valued at $331.11 million. Following 7 Siblings’ acquisition, another notable purchase came from an unnamed address, 0x267e…f91e, which spent $101.97 million in USDC for 44,653 ETH at an average price of $2,284.
Additionally, the Nomad Bridge exploiter invested $39.75 million in DAI to acquire 16,892 ETH at an average price of $2,353. Another address, 0x5ac5…a17e, purchased 16,407 ETH using 37 million USDT, while an unidentified whale at the address 0xCaf1…666E acquired 10,026 ETH with 23.08 million USDC.
As of the latest update, Ethereum is trading at $2,450 per token, reflecting a 3.22% increase over the past 24 hours, following a drop to $2,122 the previous day.
### Disclaimer
This content serves purely for informational purposes and should not be interpreted as financial advice. The opinions expressed herein may represent the author’s personal views and do not necessarily reflect those of The Crypto Basic. Readers are encouraged to conduct thorough research prior to making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.