Ethereum Whales Make Massive Moves: $698M Bought Despite Market Dips

Institutions and whales are increasing their Ethereum holdings amid a bearish market, lifting ETH's price slightly to $3,470.51, up 1.04% in 24 hours.

According to X user Lookonchain , large crypto wallets remain undeterred by recent downturns, signaling potential confidence in Ethereum's future value.

Significant wallet activity included a new wallet withdrawing 10,050 ETH (approximately $34.38 million) from Kraken exchange, while another, possibly Bitmine, acquired 24,007 ETH worth $82.13 million via Galaxy Digital's OTC desk.

The #66kETHBorrow whale alone purchased an impressive 163,680 ETH ($582 million) over two days, underscoring continued accumulation in the face of volatility.

Whale Activity Signals Institutional Confidence

The aggressive accumulation by whales and institutions highlights a strategic positioning on Ethereum’s potential rebound.

The involvement of major players in OTC trades through Galaxy Digital confirms institutional interest in securing large stakes without impacting market prices.

This buying behavior coincides with key support levels around $3,400, reflecting growing confidence despite macroeconomic pressures.

Lookonchain’s detailed tracking of wallet addresses shows sustained Ethereum inflows into private holdings, reflecting a shift from retail to institutional ownership.

This may suggest a market bottom formation phase driven by informed investors preparing for future price appreciation.

Read More : SEC launches “Project Crypto”—US Powers Toward Global Crypto Capital