Ethereum Whale Adds 65,562 ETH, Holdings Hit 440,558 ETH Amid Market Drop
An on-chain whale known as “66kETHBorrow” has significantly increased its Ethereum position amid the recent market downturn. Lookonchain data shows the whale acquired 57,725 ETH (≈$162.8 M) during heavy sell-off and added another 7,837 ETH (≈$21.9 M) hours later. This aggressive ETH accumulation brings total holdings to 440,558 ETH (≈$1.23 B).
Meanwhile, ETH price has broken below critical support levels, sliding toward the $2,660 zone and forming a bearish alignment with moving averages. High sell-off volumes confirm mounting liquidation pressure.
Despite the bearish trend, the Ethereum whale’s conviction signals potential buying interest at lower prices. Historically, such large-scale accumulation during panic phases can mark the early formation of local bottoms. Traders should monitor whether ETH reclaims the 50-day moving average and stabilizes above $3,000.
Bullish
The aggressive ETH accumulation by a major on-chain whale during a pronounced market downturn stands in stark contrast to retail capitulation. Historically, large-scale buying by whales has signaled the early stages of local bottoms and trend reversals. While Ethereum remains below key supports, this strategic purchase suggests long-term conviction and could catalyze renewed buying interest if ETH reclaims the 50-day moving average and $3,000 level. Short-term, traders may see reduced downside risk; long-term, fundamentals appear reinforced by deep-pocketed demand.