FED Chairman Jeremo Powell's hawkish stance in his statements yesterday caused a decline in Bitcoin (BTC) and altcoins.
While some investors did panic selling in the face of these declines, some investors turned the declines into opportunities and bought.
At this point, Lookonchain reported that Chinese investment firm Longling Capital bought Ethereum (ETH).
Chinese investment firm Longling Capital bought 6,000 ETH after the recent drop in ETH prices.
Since last May 8, the company has raised a total of 75,400 ETH ($180.4 million) at an average price of $2,392 and sold 50,800 ETH ($172.8 million) at an average price of $3,401.
“A smart whale (probably related to LonglingCapital) bought 6,000 ETH after the price dropped.
This whale is very good at buying ETH low and selling it high, and made a total profit of $83 million.”
Ethereum, which has fallen 5.2% in the last 24 hours, is still trading at $3,660 at the time of writing.
* This is not investment advice.
