Whales Continue to Buy Altcoins Amid Declining Bitcoin Price

Market trends indicate that whales are still active in purchasing altcoins despite the recent decline in Bitcoin's price.

In particular, Bitmine, the largest institutional Ethereum (ETH) holder, has made additional purchases of ETH. According to data from Lookonchain, three new wallet addresses associated with Bitmine received approximately 100,000 ETH (approximately $233.7 million) from BitGo. Although it hasn't been officially confirmed whether these wallets are directly linked to Bitmine, the market is leaning towards the possibility of additional purchases.

Another notable transaction involves a whale who sold 10,829 ETH three days ago at an average price of $2,300 and bought back 7,448 ETH today at an average price of $2,350. This suggests that the whale may be re-entering the market after previously selling its ETH.

Additionally, other whales have also made significant purchases. The whale with address 0x9eC9 purchased 10.86 million chips worth $1.26 million from MEXC and Binance in the last 12 hours. Furthermore, a whale with address 0x2Dc8 withdrew 800 billion PEPE, worth $3.08 million, from Coinbase Prime. This is notable as this whale had previously withdrawn 600 billion PEPE (worth $7.32 million at the time) from Coinbase Prime 8 months ago and has now incurred a loss of $5.04 million.