A crypto wallet affiliated with Longling Capital, a Chinese-linked fund, made a massive purchase of 5,000 ETH of Ethereum today, according to onchain data provided by crypto analytics firm Lookonchain.
Longling Capital is known as the cryptocurrency fund of Cai Wensheng, the founder of China’s Meitu.
According to the data, there are currently 68,064 ETH worth approximately 168 million in the cryptocurrency wallet in question. In addition, $44 million worth of USDT borrowed through the decentralized cryptocurrency wallet Aave is also in this cryptocurrency wallet.
Interestingly, when historical data is examined, we see that Longling Capital, which this Chinese company is affiliated with, suffered a major liquidation in 2022. The data shows that the size of this liquidation was 93,793 ETH, which was worth approximately $114 million at that time.
Meitu is known as an AI-focused company, particularly active in China. The company has a photo editing app of the same name.
*This is not investment advice.