What Did Huge Altcoin Whales Do During the Rally? They Couldn’t Escape On-Chain Data

According to onchain data provided by Lookonchain, an altcoin whale has started to take a particularly bullish view on Ethereum (ETH).

According to data observed on decentralized cryptocurrency exchange Hyperliquid, this whale added $8.88 million worth of USDC to his previous long ETH position today. With this addition, the whale’s positions increased to $36.3 million and currently has an unrealized profit of $1.4 million.

In addition, onchain data suggests that some institutional whales are also hoarding Ethereum. According to the data, Abraxas Capital pulled 49,644 ETH worth $92 million from cryptocurrency exchanges Binance and Kraken today.

The data also revealed that two different crypto wallets, likely belonging to the same person or entity, spent a total of $14.54 million worth of DAI and USDT to purchase 7,293 ETH worth around $15 million. The average purchase price of the whales was $1,993.

At the time of writing, ETH is trading at $2,079.

*This is not investment advice.