Giant Crypto Whale Buys the Drop: He Targets These 2 Altcoins!

Last week, the crypto market lost its upward momentum and subsequently faced sharp selling. Thus, Bitcoin and altcoins fell to their lowest levels in recent months. Meanwhile, a giant company showed an upward trend. This whale, closely followed by the market, bought this latest dip by allocating nearly $20 million for two altcoins.

Amber Group is buying the dip: These 2 altcoins are the target!

cryptokoin.com As you follow from , US CPI came in below expectations. Following this, the crypto market moved north with the excitement that the Fed would start reducing interest rates. However, the Fed, which kept interest rates constant, soon adopted a hawkish stance. This brought sales in risky assets such as crypto. Thus, Amber Group, a crypto whale, evaluated the decline as a buying opportunity for some tokens. Amber Group has accounted for over $1 trillion in process volume with thousands of customers since 2017. Additionally, in 2022, it had $5 billion in assets under management (AUM) in cryptocurrency alone.

On-chain analytics platform Lookonchain has detected on-chain information showing that addresses related to Amber Group are aggressively buying bases for two altcoins. Notably, the wallet pulled nearly $20 million in Ethereum (ETH) and Uniswap (UNI) from exchanges. This suggested a strategic position trade.

Amber Group processes. Source: Etherscan / Lookonchain

According to Lookonchain, an address related to Amber Group in particular withdrew 2,638 ETH worth $9.2 million from Binance. However, Uniswap realized its token status through two withdrawal processes. The company withdrew a total of 987,054 UNI, including 547,305 UNI from Binance and 439,749 UNI from Gate.io. The total of these purchases is worth 10.6 million dollars.

ETH and UNI strategies of crypto whales

From Santiment, the behavior of whales on Ethereum and Uniswap in the last two years also shows interesting results. In a different way, Uniswap whales abandon their tokens during this period, while Ethereum whales accumulate them. Since June 15, 2022, Whales have added 12.82 million ETH to their balance and removed 51.63 million UNI.

ETH and UNI: Whale stability is not a stock market. Source: Santiment

At the time of writing, Ethereum was trading at $3,534 after falling to $3,376. Uniswap rose from $10.24, where it fell on June 14, to $10.94. The current crash marks ETH’s lowest price ever, while UNI hit a one-month low of $8.84 on June 11.

ETH and UNI: Price chart for June. Source: Santiment

Meanwhile, amid technical and social indicators, his individual sensitivity is still dominated by terror. This points to a separation and asymmetry in the market. Institutional players such as Whales and Amber Group believe that this is a perfect opportunity to buy and they can pay off soon.