Ethereum whales are doubling down on the top altcoin by market cap with an impressive $236 million buy wall in three days.
Ethereum (ETH) price continues to trade below $2,000, struggling amid recent sell-off pressure.
However, whales, or large-scale investors with substantial ETH holdings, are unfazed.
In fact, on-chain data shows that the world’s largest altcoin by market cap has attracted significant buying activity from large holders.
On March 21, crypto analyst Ali Martinez shared a chart showing a spike in whale accumulation of ETH. According to the analyst, the latest dip that saw Ethereum’s price retreat from above $2,000 allowed whales to scoop up over 120,000 Ether tokens — worth nearly $236 million — in just three days.
According to Lookonchain, one such whale just bought 7,074 ETH worth over $13.8 million. On-chain data shows the whale withdrew 4,511 ETH worth over $8.81 million from crypto exchange OKX, and proceeded to deposit these into top decentralized finance platform Aave.
But the whale did not stop there. They borrowed 5 million USDT from the DeFi protocol and deposited it into OKX, with the funds used to buy 2,563 ETH for $5 million.
In this period, the price of Ethereum fluctuated between $1,872 and $2,060.
ETH currently trades around $1,966, continuing the sideways action after giving up gains seen when bulls rallied 7% on Wednesday.Weekly gains are now just 1.7%, and buyers have endured a 27% pullback in the past month.
Although the choppy performance has some ETH holders panic selling, whales have taken an aggressive approach. This suggests confidence in potential future price upside for Ethereum.
Recently, analysts at Standard Chartered predicted ETH could climb to $4k in 2025, although this included a revised forecast from an earlier bullish take of $10k by the end of the year.
This bullish outlook by the whales though has retail in an upbeat mood too.
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