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Institutional Whale Sees the Decline in Altcoins as an Opportunity: Buys Another $7 Million! - Coin Bulletin
Institutional crypto whale Amber Group took advantage of the decline in altcoin prices and added a $7 million addition.
According to the data provided by Spot On Chain, institutional investors are taking advantage of the downturn in Hyperliquid (HYPE). Between January 9-10, Amber Group transferred 4.88 million USDC to the Hyperliquid network, spending a total of 7.22 million dollars and buying 342,845 HYPE.
These transactions were conducted via the wallet address "0xCfd", at an average price of $21.06.
According to the latest data, the same wallet has a total of 730,749 HYPE and the value of these assets is approximately 16 million dollars. Spot On Chain also stated that this wallet has made 6.56 million dollars profit throughout all times.
This move by Amber Group indicates strategic purchases by major investors on HYPE, and market participants are advised to carefully monitor these movements. Such transactions on HYPE indicate that investors are acting with long-term expectations.
According to CoinGecko data, HYPE, which has experienced a 10% decline in the last week, is currently trading at $21 against the dollar.