The enigmatic “7 Siblings,” a group with an estimated $2.2 billion in assets, has re-emerged, quietly accumulating a substantial amount of Ethereum during the recent market downturn.
This entity purchased 28,120 ETH, worth approximately $66 million, at an average price of $2,350 in the last 15 hours. Their activity has drawn attention as they continue to capitalize on price dips.
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
This is not the first time the “7 Siblings” have made headlines. During the August 5 market crash, they spent $129.3 million in USDC to buy 56,093 ETH at an average price of $2,305, demonstrating a consistent strategy of accumulating large amounts of Ethereum when the market weakens.
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
At the same time, an Ethereum Initial Coin Offering (ICO) participant has been selling off significant amounts of ETH. Over the past two days, they sold 19,000 ETH, totaling $47.54 million. This participant initially received 150,000 ETH during the ICO at a cost of just $46,500. Today, that allocation is worth around $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
Another Top Whale Sells Off 5,000 ETH
In related whale activity, another major player sold 5,000 ETH for $11.74 million today. This whale has withdrawn 17,135 ETH ($39.75 million) from staking since March 12, while depositing 16,750 ETH, valued at $53.66 million, into Kraken over the same period.
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This whale has withdrawn 17,135 $ETH($39.75M) from staking and deposited 16,750 $ETH ($53.66M) into #Kraken since Mar 12.https://t.co/J3BEB35Zj2 pic.twitter.com/012Kq1pKaU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
On October 2, institutional inflows into Ethereum-related products reflected strong interest, with Ethereum spot ETFs seeing a net inflow of $14.45 million, and BlackRock’s ETF ETHA receiving an inflow of $18.04 million.
As Ethereum prices fluctuate, large-scale players continue to influence the market with their significant buy and sell moves, signaling that big bets are being placed on the future of ETH.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
