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 Lookonchain, this entity discreetly purchased a total of 56,093 ETH, amounting to approximately $129.3 million at that time.
**Transaction Insights**
Blockchain data indicates that 7 Siblings began accumulating ETH yesterday, when the cryptocurrency was valued around $2,600, and continued its buying spree until the price dipped further to $2,191. The average price at which the 56,093 ETH was acquired stood at $2,305.
Remarkably, Lookonchain noted that this accumulation took place over a span of 12 hours between August 4 and 5, 2024. The entity converted $129.3 million worth of USD Coin (USDC) into ETH across various platforms, including 1inch and Uniswap.
**Strategic Acquisition by 7 Siblings**
Lookonchain found this development particularly noteworthy, as the behavior of 7 Siblings contrasted sharply with the actions of the broader crypto market. In the wake of declining crypto prices, many investors opted to convert their digital assets into more stable options, fearing that the downturn could escalate and lead to significant losses. In stark contrast, 7 Siblings viewed the market dip as a prime opportunity to enhance their holdings of the second-largest cryptocurrency by market capitalization.
**Current Holdings**
Data from Arkham Intelligence reveals that the entity’s blockchain wallet now contains $259.35 million worth of cryptocurrencies. Ethereum constitutes the wallet’s largest asset by value, with 62,958 ETH currently worth $153.4 million. Additionally, 7 Siblings holds $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million in Wrapped NXM (WNXM), among other assets.
**Other ETH Accumulation Activities**
7 Siblings was not the only entity to capitalize on the recent price drop to gather more ETH. Lookonchain also identified four additional crypto whales that seized the opportunity to acquire ETH at reduced prices during this latest downturn.
Together with 7 Siblings, these whale addresses collectively purchased 144,071 ETH, valued at $331.11 million. Following the acquisition by 7 Siblings, the second-largest ETH accumulation during this dip was made by an unnamed address, 0x267e…f91e, which spent $101.97 million in USDC to acquire 44,653 ETH at an average price of $2,284.
Additionally, the exploiter of the Nomad Bridge invested $39.75 million in DAI to purchase 16,892 ETH at an average price of $2,353. Another address, 0x5ac5…a17e, acquired 16,407 ETH for 37 million USDT. Lastly, an unidentified crypto whale, using the address 0xCaf1…666E, secured 10,026 ETH with 23.08 million USDC.
At the time of this report, Ethereum is trading at $2,450 per token, reflecting a 3.22% increase in the last 24 hours. This rise follows a significant drop to $2,122 just hours earlier.
**Disclaimer**: This article is intended for informational purposes only and should not be considered financial advice. The opinions expressed herein are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.
