Shark accumulation trend of ETH: Huge trades from cryptocurrency sharks
Large shark trades in the cryptocurrency market
On June 21, according to tracking data from Lookonchain, a cryptocurrency shark named 0x7055 made a large loan from Aave. Specifically, this shark borrowed 10 million USDC to buy 4,170 ETH, with an average price of about 2,400 USD per ETH. This transaction confirms the ability of sharks to accumulate ETH in preparation for long-term strategies or to take advantage of market fluctuations.
How are sharks buying ETH?
Earlier, on June 12, this shark spent over 86 million USDC to buy 31,458 ETH at a price of 2,759 USD. These movements indicate that the shark trend is actively balancing positions by accumulating ETH, especially during short-term price dips or market corrections. Utilizing leverage through Aave enables sharks to scale their positions, contributing to new momentum for ETH prices.
Analyzing the impact on the cryptocurrency market
Shark activities, especially borrowing and accumulating ETH, are an important signal. This indicates that the demand from large investor groups remains strong. Considering these transactions along with the sharks' strategies regarding ETH will help retail investors predict market trends and determine the right timing for buying and selling. At the same time, analysts will also monitor this data to forecast ETH price fluctuations in the near future.
Source: https://tintucbitcoin.com/sharks-borrow-10-million-usdc-accumulate-eth/
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