Ethereum Whales on Buying Spree As Crypto Market Pulls Back

In brief

Ethereum whales purchased over $350 million in ETH during the recent market pullback.
Experts say the OTC nature of the trades points to institutional accumulation, not retail activity.
This behavior suggests large investors are positioning for a medium-term rebound despite macro uncertainty.

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.

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, per 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.

Buying the dip

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, Lin explained, tolerating near-term volatility in anticipation of catalysts such as policy easing or institutional product flows.

“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 has recovered approximately 10% from its recent low and is currently trading around $3,533, according to CoinGecko data.

On 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.