“7 Siblings” Acquire $66M in Ethereum During Dip

The mystery surrounding the “7 Siblings” deepens as this influential group, managing an estimated $2.2 billion in assets, makes its presence felt by acquiring a significant portion of Ethereum during the latest market dip.

Amassing a total of 28,120 ETH worth $66 million, the group’s strategic move capitalizes on Ethereum’s lowered prices, purchasing the cryptocurrency at an average rate of $2,350 over the last 15 hours. This pattern has drawn attention from many as they appear to strategically engage in market lows.

On October 2, the total net outflow of Bitcoin spot ETF was $91.7633m, Grayscale ETF GBTC outflow was $27.3131m, ARKB outflow was $60.28m, and Fidelity ETF FBTC inflow was $21.0812m. Ethereum spot ETF had a net inflow of $14.4499 million, and BlackRock ETF ETHA had an inflow of…

— Wu Blockchain (@WuBlockchain) October 3, 2024

Previously, the “7 Siblings” had caught the public eye during the August 5 market decline, investing $129.3 million in USDC to acquire 56,093 ETH at an average price of $2,305. This illustrates a consistent approach to accumulating significant quantities of Ethereum whenever the market softens.

The mysterious “7 Siblings” with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip!

Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305.

Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast

— Spot On Chain (@spotonchain) October 3, 2024

Large-Scale Ethereum Transactions Continue

Simultaneously, an Ethereum Initial Coin Offering (ICO) participant has been offloading large sums of ETH, recently selling 19,000 Ethereum for a total of $47.54 million over two days. Originally, this participant gained 150,000 ETH during the ICO at just $46,500, a stake now valued at approximately $358 million.

This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!

The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd

— Lookonchain (@lookonchain) October 3, 2024

Additional Whale Activity: A Case Study

One significant whale also made headlines by selling 5,000 ETH for $11.74 million. Since March 12, this entity has strategically withdrawn 17,135 ETH, valued at $39.75 million, and has also deposited 16,750 ETH into Kraken, valued at $53.66 million, reflecting an ongoing active trading strategy.

An $ETH withdrawer sold another 5,000 $ETH($11.74M) today!

This whale has withdrawn 17,135 $ETH($39.75M) from staking and deposited 16,750 $ETH ($53.66M) into #Kraken since Mar 12.https://t.co/J3BEB35Zj2 pic.twitter.com/012Kq1pKaU

— Lookonchain (@lookonchain) October 3, 2024

Institutional interest in Ethereum continues to grow, as highlighted by strong inflows into Ethereum-related products. The Ethereum spot ETFs reported a net influx of $14.45 million, with BlackRock’s ETF ETHA attracting $18.04 million, indicating sustained institutional confidence amid the fluctuating market.

These movements by colossal players have profound implications on the Ethereum market, sharpening the focus on the cryptocurrency’s future potential and the ongoing strategic maneuvers of “7 Siblings” and other major investors.

Disclosure: This is not trading or investment advice. Always conduct your own research before buying any cryptocurrency or investing in any financial services.

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