Ethereum Whales on Buying Spree As Crypto Market Pulls Back
The broader crypto market remains weak due to macroeconomic uncertainty, but large Ethereum investors are accumulating assets. On-chain data shows significant purchases by institutional players as Ethereum settles around $3,200. Notable transactions include a wallet purchasing $70 million worth of ETH and another whale acquiring 24,007 ETH worth $82 million. The largest single investment involved $206 million in AaveETH. Analysts suggest these actions reflect institutional strategies targeting medium-term gains, despite current volatility. Ethereum has recovered about 10% and currently trades around $3,533, with a 69% probability of reaching $4,000.
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Subdued Crypto Market with Ethereum Accumulation
The broader crypto market outlook remains subdued due to macro uncertainty, but large Ethereum investors are using the downturn to accumulate substantial holdings. On-chain data reveals a series of major purchases by institutional-scale investors, as Ethereum forms a local bottom, potentially ending the market selloff that began in late October.
Significant Ethereum Purchases by Institutional Investors
A newly created wallet bought 10,000 ETH worth roughly $34 million last Wednesday, as Ethereum formed a local bottom around $3,200. The same entity then purchased another 10,000 ETH yesterday, bringing its total holdings to $70 million, according to Arkham Intelligence data.
Separately, another whale acquired 24,007 ETH, worth over $82 million, via Galaxy Digital’s over-the-counter (OTC) desk, according to Etherscan data. The most significant purchase, however, came from a large investor who bought nearly 58,811 AaveETH, worth $206 million, on Wednesday.
Strategic 'Buying the Dip' Activity
The activity suggests large players are viewing current price levels as a strategic buying opportunity. “The size and speed—OTC fills and exchange withdrawals—suggest institutional participants or treasury buyers rather than retail,” Rachel Lin, CEO and Co-Founder of SynFutures, told Decrypt. These buyers are likely positioning for medium-term upside, tolerating near-term volatility in anticipation of catalysts such as policy easing or institutional product flows.
Macro and Catalyst-Driven Accumulation
“Accumulation can continue if macro tail-risks don’t re-spike,” Lin noted, though she emphasized that macroeconomic conditions remain a ‘gating factor’. Other catalysts beyond the upcoming Fusaka upgrade are already in play, including institutional OTC demand and derivatives funding and borrow-to-buy behavior—when whales borrow stablecoins to buy spot, it amplifies rallies, according to Lin.
Ethereum’s Price Recovery and Market Sentiment
Ethereum has recovered approximately 10% from its recent low and is currently trading around $3,533, according to CoinGecko data. On the prediction market Myriad, launched by Decrypt's parent company Dastan, users place a 69% chance on Ethereum's next move taking it to $4,000 rather than $2,500.