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Ethereum Whales Scoop Up $60M as ETH Price Tumbles to 2023 Lows

Ethereum whales have seized the opportunity to buy the dip as ETH crashed to its lowest level since 2023. In just 12 hours, these deep-pocketed investors poured about $60 million into the second-largest cryptocurrency by market cap, despite it plunging over 17% in a single day. Whales Dive In as ETH Hits Years Low Data shared by on-chain analytics platform Spot On Chain shows the mysterious group known as “7 Siblings” leading the charge. They spent a hefty $42.66 million to buy 25,100 ETH at an average of $1,700. The group then quickly deposited the full amount into the Aave lending platform, possibly to earn yield or borrow against the assets. Another wallet, identified as “0x709,” borrowed 8.25 million DAI from Spark protocol to snap up 5,227 ETH at around $1,578 each. This whale also received 6,924 ETH from the Railgun privacy platform, with the stash worth about $11 million, raising speculation on their next move. Not to be left behind, a third address, “0x5f1,” deployed $8.13 million in DAI to grab nearly 5,000 ETH at an average price of $1,631. The buying spree marks an opportunistic push from large holders probably betting on a rebound, given that it comes at a time when the price of Ethereum is struggling to recover from one of its worst-ever quarters. It lost more than 45% of its value in the first three months of 2025. Their moves may suggest they see current prices as a long-term bargain , especially with ETH down nearly 56% from a year ago. Market Turbulence and Mixed Sentiment At the time of writing, the asset had dropped 17.1% in 24 hours, dragging its value down to levels not seen since March 2023. Over the past seven days, ETH dipped 16.6%, underperforming the broader crypto market which lost slightly more than 9% in that timeframe. Additionally, against Bitcoin, ETH/BTC has hit its lowest ratio since February 2020, standing at 0.01959. The network is also facing multiple challenges , including declining fee revenue, stiff competition from Solana, especially in the meme coin space, as well as lacklustre institutional interest compared to Bitcoin. It has led some industry observers like Lekker Capital’s Quinn Thompson to sound Ethereum’s death knell, recently describing the asset as “completely dead” as an investment. However, Standard Chartered remains bullish, predicting the crypto asset could hit $10,000 by 2029 despite its current woes. The post Ethereum Whales Scoop Up $60M as ETH Price Tumbles to 2023 Lows appeared first on CryptoPotato . CoinOtag

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London Police Team Up With International Law Firm After Elderly Victim Defrauded for $2,580,000

Law enforcement authorities in the city of London are joining forces with an international law firm to help fraud victims recover their stolen assets. In a statement, the City of London Police says it is teaming up with law firm Gowling WLG for a civil asset recovery program that will be made available to select fraud cases where prosecution is not possible or viable. The partnership is being announced following a successful pilot project that helped an elderly victim suffering from Alzheimer’s disease who was swindled by a cryptocurrency scam scheme and lost more than £2 million ($2.58 million). According to the police force, the UK lost more than £570 million ($735.58 million) to fraud in the first half of 2024 alone. Says Gowling WLG director Bríd Holden, “We are hoping that working in collaboration with City of London Police will change the landscape and encourage more victims to report fraud, raising awareness generally.” The law enforcement agency says that in addition to giving fraud victims the opportunity to take back their losses, the program also enables civil asset recovery agents to pursue and seize the assets of organized crime groups (OCGs). Says City of London Police Detective Chief Inspector Craig Mullish, “[A] judicial outcome in the form of a custodial sentence and or conviction is the ideal outcome, however it’s the lost money or assets that can have a lasting effect on victims. This trial with Gowling WLG is a positive initiative, which we hope will provide a clear process for victims in helping them take back what is owed to them. ” Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post London Police Team Up With International Law Firm After Elderly Victim Defrauded for $2,580,000 appeared first on The Daily Hodl . CoinOtag