As the Ethereum (ETH) market continues its correction, large-scale reacquisitions by large investors (whales) have been detected. On-chain analysis reveals that a major whale wallet that previously purchased $1.5 billion worth of Ethereum has recently re-entered the ETH market on a large scale.
According to Lookonchain, an on-chain data analytics account, the so-called "#66kETHBorrow whale" borrowed approximately $85 million in USDT from the decentralized lending protocol Aave over the past eight hours. These funds were then transferred to Binance, where approximately 38,576 ETH were immediately withdrawn. The value of the withdrawn Ethereum is approximately $119 million.
This wallet is known to have previously purchased approximately 490,000 ETH, or approximately $1.5 billion in Ethereum. Analysis suggests this transaction is a typical buying pattern, with borrowed stablecoins transferred to an exchange, ETH purchased, and then the funds withdrawn to a personal wallet.
The market is focusing on the possibility that this movement is a strategy intended for medium- to long-term holding rather than short-term trading. This is because the practice of purchasing ETH on an exchange and then immediately transferring it to an external wallet is typically seen for storage purposes rather than liquidity provision or short-term profit-taking.
Although the Ethereum price has recently been weakening along with the overall market correction, large investors are increasing their positions during the downtrend. Industry insiders observe that "when individual investors are swayed by volatility, whales often use price corrections as buying opportunities."
While the reemergence of this whale doesn't signal an immediate rebound in Ethereum prices, it does offer some insight into market sentiment, as large-scale capital outflows are not occurring even during a downturn. With the Ethereum market expected to remain volatile for the time being, attention is focused on whether further whale activity will continue.
