A long-dormant Ethereum wallet suddenly became active just before a significant market downturn, transferring a large amount of ETH to Bitfinex. According to blockchain analysts at Lookonchain, this anonymous trader, who had been inactive for six years, moved 77,736 ETH, which was worth almost $229 million at that time, right before Ethereum’s price dropped to around $2,100.
Interestingly, it was revealed that this same wallet had initially withdrawn this ETH from Bitfinex in 2019 when its value was only $11.9 million, indicating a significant profit.
In the meantime, some notable investors took advantage of the market dip. A well-known entity called “7 Siblings” reportedly purchased 50,429 ETH, spending approximately $126 million.
This is not the first time that “7 Siblings” has made such a move. In August, they quietly acquired $129 million worth of ETH when prices approached $2,300, strategically buying throughout the market crash.