In a surprising market move, Ethereum whales have accumulated $66 million worth of ETH, sparking interest in potential future developments. This comes as the cryptocurrency markets face a downturn, with ETH being the second-largest cryptocurrency by market cap.
The noteworthy acquisition was reported on October 3, 2024, by the on-chain transactions trackers spotonchain, who identified the mysterious group known as the “7 Siblings.” This group has amassed significant holdings, totaling $2.2 billion in assets, making their investment activities closely watched by market participants.
Amidst the falling prices, acquisitions of this nature by Ethereum whales are seen as strategic bets on the cryptocurrency's long-term value and potential for recovery. These moves often generate speculative interest regarding the potential impact on Ethereum’s market trajectory.
