Crypto whales are buying into the correction in digital asset markets, according to blockchain tracking company Lookonchain.
Lookonchain says that when Ethereum dropped in price, a “smart whale” with a solid track record of profitable trades bought the dip with more than 3,600 ETH.
“After the price of ETH dropped [on Friday]this smart whale bought back 3,600 ETH ($8.9 million) at a lower price…
This whale is very good at buying ETH at low prices and selling ETH at high prices.
Profits are currently ~$25.8 million!”
At the time of writing, ETH is trading at $2,470.
Lookonchain also saw a whale snapping up decentralized oracle provider Chainlink (LINK) as it fell to the $14.81 level.
After the price of LINK fell [on Friday]a whale spent $8.9 million to buy 601,949 LINK for $14.81 with three new wallets.
LINK’s price seemed to have stabilized after the purchase of large whales. At the time of writing, LINK is trading at $15.53.
Looking at Bitcoin, the on-chain data tracking company says a crypto whale withdrew nearly $30 million worth of BTC from the crypto exchange Binance when the price fell below the $42,000 level.
“Looks like a whale is buying BTC!
During the recent market downturn, a new wallet pulled 700 BTC ($29.36 million) from Binance at an average price of $41,948.”
At the time of writing, BTC is trading at $41,570.
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Generated image: Midjourney