The cryptocurrency market witnessed a significant event as the recently listed token ETHFI experienced a sharp decline of 37% in its price. However, amidst this market turmoil, two prominent crypto whales strategically seized the opportunity to acquire ETHFI tokens.

According to on-chain reports, following the 37% price drop post-Binance listing, two whales withdrew a substantial amount of 718,393 ETHFI tokens, equivalent to $2.19 million, from Binance at an average price of approximately $3.05. 

Remarkably, this acquisition marks the first ETHFI accumulation for both whales, catapulting them into the ranks of the top 20 ETHFI-holding addresses.

After the price dropped 37% post-Binance listing, two whales withdrew 718,393 $ETHFI ($2.19M) from #Binance at ~$3.05 in the past 10 hours.

Notably, this is the first $ETHFI accumulation for both whales, who now rank among the top 20 ETHFI-holding addresses!

Can $ETHFI recover… pic.twitter.com/qno9KOjeWc

— Spot On Chain (@spotonchain) March 20, 2024

Additionally, it’s worth noting the trading history of these whales, shedding light on their strategic prowess in the crypto market.

One whale realized an estimated profit of $672,000, representing a remarkable 163% return, from their investment in ARKM after holding the asset for just 12 days until March 2, 2024. Furthermore, this whale currently boasts an unrealized profit of $143,000, marking a 152% increase, from holding 14,078 LINK tokens valued at $238,000.

Despite the significant price drop of 30.7% since ETHFI’s listing on Binance on March 18, 2024, there has been a notable recovery, with the token witnessing a 24% gain in the past 24 hours. As a result, ETHFI is currently trading at $3.7, indicating resilience and potential bullish momentum in the midst of market volatility.

The strategic moves made by these whales underscore the opportunistic nature of cryptocurrency trading, where experienced investors capitalize on market fluctuations to optimize their investment portfolios and maximize returns.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: thediver123/123RF // Image Effects by Colorcinch

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