According to on-chain data analyst Ember, 7 Siblings, an institution that has repeatedly bought ETH at the bottom after major price drops, has once again begun buying ETH at the bottom after today's sharp drop. They borrowed 40 million USDC from Aave and have spent 5 million USDC to buy 1,326 ETH at $3,771 in the past hour.

The institution has previously bought ETH at the bottom after several major drops and made considerable profits: on August 5 last year, ETH fell 15%, and it bought 100,000 ETH at a price of approximately US$2,270; on April 7 this year, ETH fell 10%, and it bought 25,000 ETH at a price of approximately US$1,700.