As the week ended on Friday, June 14, the cryptocurrency market crashed, with altcoins reaching multi-month lows. Meanwhile, a firm has shown a bullish bias and bought this recent dip, allocating nearly $20 million to two cryptocurrencies.
The cryptocurrency trading firm Amber Group has disclosed over $1 trillion in trading volume since 2017, with thousands of clients. In 2022, Amber Group had an estimated $5 billion in assets under management (AUM) exclusively dedicated to cryptocurrency. According to a Blockworks report, the company was valuated at $3 billion during a private funding round, disclosing some numbers.
Now, Lookonchain spotted and reported on-chain data that shows addresses related to the Amber Group aggressively buying the dip. In particular, the wallet withdrew nearly $20 million of Ethereum (ETH) and Uniswap (UNI) from exchanges, suggesting a position trade.
Amber Group buys the dip, bets on Ethereum and Uniswap
Notably, the Amber Group-related address ‘0x011d19410fc79f140c08ffa8301e4153f17f4e27‘ withdrew 2,638 ETH from Binance, worth $9.2 million, as Lookonchain reported.
The Uniswap token position, however, was made with two withdrawals. One of 547,305 UNI from Binance and 439,749 UNI from Gate.io, totaling 987,054 UNI, worth $10.6 million.
In this context, Finbold retrieved data from Santiment analyzing whales’ behavior on Ethereum and Uniswap over the last two years. Interestingly, Uniswap whales have been dumping their tokens over this period while Ethereum whales are accumulating.
Since June 15, 2022, whales have added 12.82 million ETH to their balances while removing 51.63 million UNI.
As of this writing, Ethereum trades at $3,534, recovering from a dip to $3,376, and Uniswap trades at $10.92, up from $10.24 on June 14. The current crash was ETH’s lowest price month-to-date, while UNI had a month-low at $8.84 on June 11.
In the meantime, fear still dominates retail sentiment among technical and social indicators, which signals a market divergence and asymmetry. Whales and institutional players like Amber Group believe this is a great opportunity to buy, which could soon pay off.