According to ChainCatcher, as monitored by Ember, a whale/institution that previously made $30.45 million in profits from two ETH swing trades continued to buy the dip after last night’s market downturn, purchasing another 30,000 ETH (worth $72.32 million) in the past eight hours. After the drop, this whale/institution transferred $58.91 million USDC to Wintermute and $24 million USDC to a CEX, then withdrew 24,000 ETH from Wintermute and 6,000 ETH from Coinbase.
Since starting its third ETH swing trade on June 11, the entity has spent a total of $297 million USDC over 10 days to acquire 115,400 ETH at an average price of around $2,574, currently sitting on an unrealized loss of $18.35 million. The address now has only $30 million USDC left available for purchases. Unless it continues to leverage by collateralizing ETH to borrow more USDC, this round of buying may soon be completed.