Ethereum continues to experience increased whale activity as large investors execute massive transactions across decentralized and centralized exchanges.
Data from blockchain analytics platform Lookonchain revealed that a whale address, 0xd65F, deposited $33 million in USDC on Hyperliquid and purchased 7,311 ETH at an average price of $4,514. Each transaction reflected consistent buy volumes of 20 ETH, priced at around $4,508.90 per unit, totaling about $90,178 per trade.
Whales continued buying $ETH today!
Whale 0xd65F deposited 33M $USDC into #Hyperliquid and bought 7,311 $ETH($33M) at $4,514.
Whale 0xa312 withdrew 8,695 $ETH($39.5M) from #Binance at $4,543.
Address:https://t.co/kKDNZmZaHXhttps://t.co/CvxD4iZoxb pic.twitter.com/BuSQz2YEx7
— Lookonchain (@lookonchain) October 6, 2025
The address carried out multiple identical transactions within minutes, showing ordered accumulation rather than random trades. Internal transfers of $1 million USDC from PERP to SPOT, followed by another $1 million deposit from Arbitrum, appeared to fund some of these regular purchases.
Additionally, Lookonchain reported that another crypto whale, 0xa312, withdrew 8,695 ETH, worth approximately $39.5 million, from Binance at $4,543 per unit. Together, both whales amassed over $72 million worth of ETH in a short period, adding to the notable wave of Ethereum accumulation observed over the past week.
Last week, CoinRemark highlighted significant ETH accumulation by major investors, including wallets linked to BitMine and OKX, which collectively purchased an impressive $127 million worth of ETH within just 24 hours.
Long-Term Ethereum Holder Exits After Four Years
Meanwhile, following the recent wave of heavy buying, an early Ethereum holder executed substantial ETH sales through the Kraken exchange. Data shows that the Ethereum OG, who accumulated approximately 5,999 ETH from Kraken four years ago at a total cost of $15.14 million, transferred around 1,800 ETH back to the exchange yesterday from two wallets.
Each transaction contained 1,000 ETH and 800 ETH, respectively, totaling 1,800 ETH, worth around $8.12 million at the time of the transaction. According to Lookonchain, the Ethereum OG sold the 1,800 ETH at a profit, having originally acquired the tokens at an average price of $2,523 in 2021, compared to the current market price of around $4,511.
The 1,800 ETH, which cost around $4.54 million four years ago, has skyrocketed to $8.12 million at the time of the sale, marking an ROI of 78%, or $3.58 million. The recent $8 million sale represents partial profit-taking from long-term holdings accumulated during lower market cycles.
An #Ethereum OG sold 1,800 $ETH($8.12M) for profits today.
This OG withdrew 5,999 $ETH($15.14M) from #Kraken 4 years ago at a price of $2,523.https://t.co/1CeL5wi3uOhttps://t.co/AxYfh5IJ8Q pic.twitter.com/7NrVlkNpjF
— Lookonchain (@lookonchain) October 6, 2025
Ethereum Holds Firm Above $4,550
At the time of writing, Ethereum was trading at $4,580, representing a 0.75% increase over the past 24 hours. Its market capitalization reached $552.87 billion, supported by ongoing inflows from whales, despite a 24.42% decline in trading volume to $32.22 billion.
Intraday movements initially showed weakness near $4,555, before a rebound lifted prices above $4,580.
Evans Kelvin
