Crypto Whales Taking Advantage of Bitcoin, Ethereum and Chainlink Dips, According to Lookonchain

Blockchain tracking firm Lookonchain has reported that crypto whales are strategically capitalizing on the recent corrections in the digital assets markets. The data suggests that these large investors are taking advantage of price dips in major cryptocurrencies such as Bitcoin, Ethereum, and Chainlink.

As Ethereum experienced a dip in price, Lookonchain identified a "smart whale" with a history of successful trades who purchased over 3,600 ETH during the correction.

Additionally, Lookonchain observed a whale making a move in the decentralized oracle provider Chainlink (LINK) market. As the price of LINK dropped to $14.81, a whale invested $8.9 million to acquire 601,949 LINK with three new wallets. This significant purchase seems to have stabilized the price of LINK, which, at the time of writing, is trading at $15.53.

In the realm of Bitcoin, Lookonchain's on-chain data reveals that a crypto whale withdrew nearly $30 million worth of BTC from the Binance exchange when Bitcoin's price fell below the $42,000 level. The data states, "In the recent market drop, a new wallet withdrew 700 BTC ($29.36 million) from Binance at an average price of $41,948."

These strategic moves by crypto whales highlight the ongoing trend of large investors capitalizing on market fluctuations. By strategically buying during price dips, these whales not only secure assets at a lower cost but also potentially contribute to stabilizing the market in the aftermath of corrections. This pattern underscores the importance of monitoring whale activities for insights into market dynamics and potential future trends.

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