An unknown Ethereum whale has made a notable return to the market, acquiring 11,464 ETH, valued at $23.45 million. It did so across three wallets at an average price of $2,043, according to on-chain data shared by blockchain analytics tracker Lookonchain.
The wallet, inactive for roughly three months, reactivated after Ethereum crossed $2,100 over the weekend and held above that price level. Recently, that level has served as important psychological and technical support for ETH amid broader macroeconomic woes. Ethereum, however, saw capital rotation and heightened ETF inflows since last week as investors sought more liquid assets amid geopolitical tensions in the Middle East.
Ethereum Whale Activity Resumes Near Key Support
Since ETH found support in the $1,950–$2,000 range and began staging a modest rebound, whale activity has commenced on the token. The aforementioned whale first withdrew 6,114 ETH, worth $12.52 million, from OKX and deposited it into Aave.
Next, two more wallets, believed to belong to the same whale, spent a combined $10.93 million to buy 5,350 ETH on CoW Swap at $2,043 per token. These transactions marked the first notable activity on either wallet in 3 months.
Arkham Intelligence’s analytics data showed transfers of USDT and USDC from the two wallets corresponding to the amount of tokens purchased, indicating they were used to settle the purchases. Soon after, the tokens were transferred from both wallets to destinations not affiliated with any known exchanges or individuals.
Reports of similar large-scale Ethereum purchases have ramped up since last week. For instance, Tom Lee’s BitMine boosted its Ethereum treasury past 4.37 million ETH with a fresh 20,000 ETH purchase last week. Another Ethereum whale also withdrew $13.5 million worth of the token from Binance to self-storage.
Market Context and Supply Dynamics
Dormant wallet reactivations often draw attention because they can signal renewed conviction from long-term holders. Large, concentrated buys at support levels typically represent strategic accumulation. However, such movements alone do not confirm a sustained trend reversal, as broader macro and liquidity conditions remain decisive factors.
Ethereum’s performance continues to track broader crypto sentiment, particularly Bitcoin’s trajectory. Recent sessions have shown stabilization, spot ETF flows have grown, and overall trading volumes are rising. Decentralized finance activity has remained steady, with no sharp increase in network usage.
For now, the $10.9 million accumulation stands out as a notable on-chain development during a fragile recovery phase. Market participants will closely monitor exchange balances and staking activity. If ETH withdrawals and purchases continue, it could signal renewed conviction in the token and that capital is coming back amid the uncertainty that has marked current markets.
Temitope Olajide
The CoinRemark Team
