Crypto Whales Scoop Up $2B in Ethereum and Millions in XPL Amid Bitcoin Slump
Amid Bitcoin’s recent price drop, crypto whales have aggressively acquired Ethereum and the altcoin XPL. On-chain analytics from Lookonchain reveal that over the past two days, 15 whale wallets bought 406,117 ETH (approximately $1.6 billion) across Kraken, Galaxy Digital, BitGo and FalconX. In parallel, an OTC whale acquired 60,333 ETH (around $238.7 million) at an average price of $4,230, currently showing an unrealized loss of $16 million.
These auctions extend beyond Ethereum as whales pivot into XPL. Lookonchain data shows one whale sold 249,999 HYPE (worth $10.5 million) to purchase 7.92 million XPL, while two others deposited a combined $12.27 million in USDC into Hyperliquid, buying over 11 million XPL at average prices between $1.05 and $1.19.
This flurry of whale buying underlines a bullish stance on Ethereum and confidence in XPL amid broader market weakness. Traders should monitor whale wallet movements and on-chain metrics to gauge potential short-term price support and long-term accumulation trends.
Bullish
Heavy whale accumulation of Ethereum and XPL amid a Bitcoin downtrend signals strong institutional confidence and buying power. Similar historical episodes—such as whale-driven dips in early 2023—preceded sustained recoveries. In the short term, large buy orders may provide price support and reduce volatility. Over the longer horizon, continued whale accumulation often indicates bullish sentiment and potential upward pressure as supply consolidates off exchanges.