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Interestingly, it was revealed that the same wallet had previously withdrawn this ETH from Bitfinex in 2019 when it was worth only $11.9 million, indicating a substantial profit.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