Whales are using the dip to aggressively buy Ethereum, even as the top altcoin’s dominance falls to historical lows of 8%.
Like many other altcoins, Ethereum (ETH) remains largely weak as sell-off pressure for risk assets continues. Tariffs are a major factor in this environment, which has Bitcoin (BTC) choppy and equities wobbly.
Ethereum’s price has dropped 46% in the past year, significantly underperforming Bitcoin. According to crypto analyst Rekt Capital, ETH dominance has steadily decreased since June 2023, falling from 20% to 8%.
However, the analyst says Ethereum has historically seen its market cap dominance bounce whenever it falls to current levels. If history repeats, ETH could see a fresh leg up. Is the dip a buy opportunity? Large investors – otherwise called whales – seem to suggest so.
As Ethereum fluctuates below $2,000, this group of investors has increased their holdings. IntoTheBlock data indicates the number of large transactions jumped from 4.41k on April 2 to over 4.61k on April 4. Large transactions have averaged 5.5k in the past week.
Per on-chain data, three whale wallets have bought more than $40 million worth of ETH in the past 24 hours.
“A whale created a new wallet and spent $20.78M to buy 11,463 $ETH at $1,813 in the past 6 hours,” Lookonchain posted on X.
Per Lookonchain, one whale has aggressively bought Ether since March 26, 2025.
On-chain data shows the whale scooping 3,195 ETH for a total of $5.97 million on March 29, and another 4,100 ETH worth over $7.32 million on April 4, 2025. In the earlier deal, the whale’s average purchase price was $1.868 per coin.
However, with the price of the top altcoin struggling in recent weeks, the whale managed to buy at a lower price. Lookonchain’s post on X showed the average purchase price to $1,785 per coin for the latest buying spree.
Currently, the investor’s total ETH haul stands at 33,441, acquired for more than $65.5 million. Overall, the holdings have an average buying price of $1,959.
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