Major market participants continue to increase their exposure to Ethereum (ETH), investing millions of dollars in the second-largest cryptocurrency.
This is despite the recent price slump, which has seen the asset drop nearly 3% this week alone. This divergence suggests that while price trends remain under pressure, long-term confidence among institutional and whale investors appears intact.
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Price weakness fails to deter major buyers
Data from BeInCrypto Markets showed that Ethereum continues to struggle amid the broader market downturn. At the time of writing, ETH is trading at $2,929.23, down 1.06% in the past 24 hours.
While some investors are worried about the decline, others appear to be viewing this as a buying opportunity. Blockchain analytics firm Lookonchain highlighted that BitMine Immersion Technologies purchased 67,886 ETH worth approximately $201 million.
This follows an earlier acquisition just one day earlier, when the company acquired 29,462 ETH worth $88.1 million from BitGo and Kraken. The successive acquisitions are consistent with the company’s broad accumulation strategy.
In the last week alone, BitMine acquired a total of 98,852 ETH, pushing its overall Ethereum holdings past the 4 million mark. The company appears unfazed by recent price fluctuations, with Ethereum trading at just above Bitmine’s average entry price of $2,991.
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Another notable buyer was Trend Research. A second investor led by LD Capital founder Jack Yee acquired 46,379 ETH today. This purchase brings the institution’s total holdings to approximately 580,000 ETH.
“They started bottom fishing for ETH in early November at around $3,400. So far, they have accumulated a total of 580,000 ETH (around $1.72 billion), with an estimated average cost of around $3,208. This means they currently have unrealized losses of around $141 million,” EmberCN reported.
In an official statement, Yi revealed that the company is preparing an additional $1 billion for ETH purchases. He also advised against shorting Ethereum.
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The large whales on the chain also continue to be active. The wallet known as the “66k ETH Borrow” whale, which had previously accumulated 528,272 ETH worth about $1.57 billion, added an additional 40,975 ETH (worth about $121 million).
“Since November 4th, this whale has purchased a total of 569,247 ETH ($1.69 billion), of which $881.5 million of the funds used to purchase ETH were borrowed from Aave,” Lookonchain noted.
On the other hand, Fasanara Capital adopted a leverage strategy. The company acquired 6,569 ETH worth $19.72 million in the two days before depositing it into Morpho Protocol. Borrowed $13 million USDC to buy more Ethereum.
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Ethereum whale splits due to intensified trading
However, not all the major players are stacked up, and some may choose to reduce their positions. BeInCrypto reported that Arthur Hayes transferred 682 ETH, worth approximately $2 million, to Binance today.
Lookonchain said the executive sold 1,871 ETH worth $5.53 million in the past week, while buying Ethena (ENA), Pendle (PENDLE), and ETHFI.
“We are rotating away from ETH to high-quality DeFi names and believe we can outperform them as fiat liquidity improves,” Hayes wrote on X.
On-chain lenses fuel selling pressure repositoryBitcoin OG whale reported depositing 100,000 ETH worth approximately $292.12 million to Binance. Such large exchange deposits are often interpreted as possible preparations for sale, but are not necessarily liquidated immediately.
Previously, ETHZilla also revealed that it offloaded 24,291 ETH for approximately $74.5 million to repay senior secured convertible notes. Despite these contrary trends, BeInCrypto noted that the sales activity of long-term Ethereum holders has collapsed by over 95%.
