In a surprising turn of events, the sharp declines in Bitcoin have triggered panic sales in altcoins, causing significant losses in their prices. However, savvy investors have seen this as an opportunity to buy the dips and capitalize on the situation.
According to a recent post by Lookonchain, two giant whales have turned their attention to Ethereum and ETH-based altcoins. These whales, known as aavebank.eth and 0x345f, have made substantial purchases of altcoins totaling $10.4 million.
Aavebank.eth added Ethereum, Aave (AAVE), UniSwap (UNI), Chainlink (LINK), ENS, PENDLE, and Lido DAO (LDO) to its portfolio in the past couple of days. Meanwhile, 0x345f withdrew a significant amount of PENDLE and LDO from Binance, indicating a strong interest in these altcoins.
Experts believe that the upcoming launch of spot Ethereum ETFs may have influenced these purchases. While the exact launch date is still uncertain, analysts suggest that it could happen as early as July 15 or 18. The introduction of ETH ETFs is expected to have a positive impact on the price of Ethereum and altcoins within the ETH ecosystem.
Overall, the move by these institutional whales to accumulate altcoins in the Ethereum ecosystem has sparked excitement among investors. It will be interesting to see how these purchases play out in the coming days and whether they will lead to a resurgence in the altcoin market.
