Mysterious Entity Makes Significant Ethereum Play
On February 1, according to blockchain monitoring platform OnchainLens, a mysterious entity borrowed $31.08 million in stablecoins during a market downturn and acquired 12,806 ETH at an average price of $2,427 per ETH.
Notably, the entity hasn't finished accumulating yet. They currently have pending orders on decentralized exchange CoWSwap to continue buying more ETH, suggesting strong conviction in Ethereum's future value.
Market analysts suggest such large leveraged moves often signal potential market bottoms and could indicate the formation of a new bullish cycle in Ethereum's price action.
On-chain Address Tracking
- 0x741aa7cfb2c7bf2a1e7d4da2e3df6a56ca4131f3
- 0x28a55c4b4f9615fde3cdaddf6cc01fcf2e38a6b0