The mysterious group known as the “7 Siblings” has returned to the market. This group has made a major purchase of Ethereum (ETH) during the recent price dip. According to data from Spot On Chain, 7 Siblings spent $66 million in USD Coin (USDC) to buy 28,120 ETH over the last few hours.
The mysterious "7 Siblings" with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip!Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305.Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast
— Spot On Chain (@spotonchain) October 3, 2024
7 Siblings Quietly Accumulate $195M in Ethereum
This is not the first time the “7 Siblings” has made large, for years they have been quietly accumulating stakes in companies. At one point on the 5th of August when the Ethereum price fell, they bought 56,093 ETH at an average price of $2,305. During that period, they used 129.3 million USDC for the purchase of the product.
This seems to be the group’s plan in investing in Ethereum when the price is low, which tells a lot about the confidence in the cryptocurrency market. The latest purchase raises the total amount of Ethereum that the “7 Siblings” bought in these two transactions to 84,121 ETH, which is equal to $195 million.
7 Siblings’ Raise Eyebrows with Strategic Ethereum Buys Amid Market Dips
The identities of the “7 Siblings” has not been revealed, but its repeated and sizeable investments are now raising interest within the crypto space. It has made people pay attention to their buying activity, particularly during corrections. It may also suggest they think Ethereum is oversold at these levels.
While Ethereum is still on the same roller coaster ride of price swings, it is still uncertain whether the “7 Siblings” is going to keep on buying or this latest acquisition signals a new strategic direction from them. For now, the actions of both parties speak louder than words and indicate a great deal of confidence in future Ethereum’s prospects.
