As the cryptocurrency market experienced a downturn this week, Ethereum (ETH) was not spared, suffering a 10% drop in value. After reaching a high of $2,654, ETH has now fallen to $2,419.
Despite the market’s struggles, a prominent whale group known as “7 Siblings” has seized the opportunity to accumulate more Ethereum. According to Lookonchain, the group recently invested $28.75 million in DAI to purchase 12,070 ETH at a price of $2,382 per coin. This latest acquisition brings their total holdings to 1.15 million ETH, valued at approximately $2.8 billion, spread across two wallets.
This isn’t the first time 7 Siblings has bought into Ethereum during market downturns. Their strategy of capitalizing on price drops has been well-documented. Their most recent purchase occurred on February 3, when they acquired 50,429 ETH for about $126 million. Additionally, the group made similar moves during the market’s low point in August 2024.
This approach—buying assets during price dips in anticipation of future gains—is a familiar tactic among large investors. Despite the current market decline, Ethereum’s trading volume has seen a significant increase of 78% today, largely driven by transactions on the Binance exchange.
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