They are taking advantage of the recent market crash to accumulate large quantities of Ethereum at what they seem to view as discounted prices. In the past 12 hours, several prominent crypto investors have made substantial moves to bolster their positions in Ethereum, even as the broader market shows signs of strain.

Ethereum Whales Are Buying the Dip

In the midst of the market’s steep drops, a few whale addresses have opted to take advantage of the reduced prices and boost their Ethereum holdings. One standout group—known as the “7 Siblings”—recently plowed a hefty sum ($42.66 million) into the purchase of a truckload (25,100 ETH) of the second-largest cryptocurrency by market capitalization. They acquired this stash at an average price of around $1,700 per token. What these guys do next with the tokens likely purchased with their probable not-insignificant shares of a current $42.66 million bust-out is of keen interest to your average Ethereum holder.

Other large investors have seized the opportunity presented by the drop to increase their holdings of Ethereum. One notable investor, identified as whale address “0x709,” took out a loan of 8.25 million DAI from the decentralized lending platform Spark and used the funds to purchase 5,227.3 ETH at an average price of $1,578. On top of this, the same address received a substantial amount of further Ethereum—6,924 ETH, which at the time was worth about $11 million—from the platform Railgun.

Yet another whale, “0x5f1,” splurged a substantial sum of 8.13 million DAI to acquire 4,983.5 ETH at an average price of $1,631. These high-profile purchases portend that there are some investors who perceive the recent downturn as a buying opportunity, with an eye to a potential rebound in prices.

Even with all these big purchases, the Ethereum market is still volatile, and even the whales don’t seem to be entirely insulated from the market’s ups and downs.

Liquidations and Market Strain Continue to Haunt Crypto Investors

Some whales have taken advantage of the opportunity to purchase Ethereum at a lower price during this downturn, while several other whale addresses have sustained serious losses as the price of Ethereum has fallen. One particularly troubling address is that of a whale who deposited 56,995 WETH (around $90.8 million) into MakerDAO as collateral to borrow DAI and who is now perilously close to having their WETH liquidated. This address has a liquidation price set for ETH at $1,564.58, and if ETH falls any further in price, it will almost certainly have their position liquidated.

The situation underscores the continuing risks that highly leveraged traders in the cryptocurrency market face when prices for assets like Ethereum are in flux. Earlier in the day, a massive whale position was already liquidated. This particular whale had 67,569 ETH (a cool $106 million) that were liquidated at around $1,650 in order to repay a $74.49 million loan and save him from further financial disaster as the price of Ethereum continued its downward trajectory. The chaos that ensued from this liquidation has added to the general volatility, with $898 million being the cumulative total of funds that were liquidated from the cryptocurrency market in the past 24 hours.