Etherum Altcoin Price Plummets as Crypto Whale Switches to Stablecoins, On-Chain Data Reveals"

Ethereum-Based Altcoin Price Drops as Investor Moves to Stablecoins: On-Chain Analysis

Blockchain analysis company Lookonchain has shed light on a significant crypto transaction involving SYN, the primary token of the Synapse bridge protocol. After a whale divested a large portion of their SYN holdings, the token's price plummeted from approximately $0.41 to $0.31 within mere hours.

The details reveal, "This crypto whale traded a whopping 9 million SYN tokens in exchange for 2.35 million USDC (USD Coin) at a rate of $0.26 each. This move led to a sharp ~25% price drop for the SYN token."

Furthermore, Lookonchain’s data indicates that this whale had previously received 10 million SYN (valued around $3.4 million) from a wallet labeled 'Synapse: Executor 2' on April 5. Interestingly, as of now, this investor no longer possesses any SYN tokens in their holdings.

Source: Lookonchain/X

At the moment, Synapse (SYN) is trading at $0.37, showing a 9.7% decrease in the last 24 hours. However, Ethereum's market behavior contrasts with this decline, thanks to notable whale activity.

Blockchain analysis by Lookonchain has highlighted some intriguing crypto movements, particularly on the Binance exchange. A crypto whale recently purchased Ethereum worth $15.9 million, a move that potentially provided support to the cryptocurrency's price. Following this significant acquisition, Ethereum saw a noticeable bounce from its $1,609 mark and has managed to sustain a price above that level.

Detailing the transaction, Lookonchain commented: “This astute investor transferred 36 million USDT to Binance. Subsequently, they made a withdrawal of 9,819 ETH, amounting to $15.9 million. It appears as if the whale capitalized on buying Ethereum near its recent low.”

Source: Lookonchain/X

At present, Ethereum (ETH) is valued at $1,637, marking an increase of 0.7% in the last 24 hours. Apart from individual whale activities, institutional investors are also making moves in the Ethereum market.

Lookonchain, the blockchain monitoring agency, has reported that the investment fund tied to the decentralized exchange aggregator, 1inch (1INCH), recently acquired over 3,000 ETH at a price point of $1,625. To be precise, the 1inch Investment Fund wallet executed a transaction using 5 million USDT to purchase 3,076 ETH at $1,625 per ETH. The wallet's current holdings are impressive, standing at 26.8 million USDT and 12,529 ETH, which equates to a whopping $20.46 million in Ethereum alone.

Moreover, this isn't the first time Lookonchain has pointed out the 1inch Investment Fund's Ethereum acquisition activities. Earlier, during the initial three months of this year, the fund made a substantial purchase of 17,000 ETH. The total value of this acquisition was $26.8 million, with an average price of $1,569 per Ethereum token. This continuous acquisition signals the fund's confidence in Ethereum's potential and its long-term outlook.

Sep 06, 2023

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