Altcoins, Cryptocurrency, Cryptocurrency Exchange, Ethereum (ETH), News, Price Analysis

ETH Whales Buy $12M wETH as ETH Drops

ETH, the 2nd largest, has been one of the greatest losers of the leading cryptocurrencies. Nearly the last week, the price of Ethereum has dropped by more than 15%. On the other hand, the Crypto whales are stockpiling DeFi tokens as a result of the market crash.

ETH whales Contributed Over $6,000 in wETH

Whalestats indicates that an ETH whale going by “Saruman” is amassing wETH. In the previous 24-hours, the wallet alone has contributed more than $11.8M in wETH. In just eight transactions, Saruman purchased 6,726 wETH. The whale’s largest transaction, though, was the addition of $2.43M million in wrapped ETH.

As we explore deeper, we discover that the “Saruman” wallet now has nearly $49.1M in wETH. Another significant transaction reveals that the same whale purchased 1.1K wBTC. Saruman added approximately $32.5M in WBTC. Meanwhile, the top 100 Ethereum whales now own nearly $40M in WBTC. It only accounts for 0.9% of their whole portfolio.

Whales Purchased the Dip

Ethereum was trading at an average price of $1,780. ETH’s price has fallen below the $1,800 mark for the first time in a long time. The TVL of ETH, on the other hand, has plummeted by 40% in the last month. Meanwhile, with a TVL of $67.44 billion, it continues to be the largest. The total market capitalization of Ethereum has dropped to $215.04B

The 24-hour trade volume of wETH has increased by more than 30% to $2.2B. These actions show that whales are moving to DeFi trading to keep their profits afloat during the price drop. It also means that the largest whales have taken advantage of the purchase of the bid chance. 

However, most cryptocurrencies have experienced a significant decline this week. The value of the global cryptocurrency market has dropped to $1.2T. It has declined by over half from its all-time high in November.

“Saruman” Contributes $10.3 Million in wETH

ETH and BTC, the two most popular crypto tokens, have underperformed in the last 30 days. ETH and BTC have lost 31% and 37% of their value in 30 days. As a result, the market has suffered greatly. The crypto market is currently valued at $1.25T, a decrease of nearly 3% from the previous day’s closing price. global market cap

Meanwhile, the most powerful ETH whales added wBTC and wETH to their wallets. A whale, “Saruman,” bought about $10.3M worth of wETH in many transactions over the past 24-hours, according to WhaleStats. The whale’s $2.6M purchase of 1,321 wETH is the greatest transaction ever.

Dapps that rely on smart contracts to allow trades between users need the wETH to swap ETH for other ERC-20 tokens. Digging a little deeper, the “Saruman” has wETH tokens worth $32.7M. ETH averaged $1971 in the previous 24 hours.

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