Ethereum whales buy the dip, accumulate $236m ETH in 72 hours

Ethereum whales are doubling down on the top altcoin by market cap with an impressive $236 million buy wall in three days.

Ethereum ($ETH) price continues to trade below $2,000, struggling amid recent sell-off pressure.

However, whales, or large-scale investors with substantial $ETH holdings, are unfazed.

In fact, on-chain data shows that the world’s largest altcoin by market cap has attracted significant buying activity from large holders.

On March 21, crypto analyst Ali Martinez shared a chart showing a spike in whale accumulation of $ETH. According to the analyst, the latest dip that saw Ethereum’s price retreat from above $2,000 allowed whales to scoop up over 120,000 Ether tokens — worth nearly $236 million — in just three days.

According to Lookonchain, one such whale just bought 7,074 $ETH worth over $13.8 million. On-chain data shows the whale withdrew 4,511 $ETH worth over $8.81 million from crypto exchange OKX, and proceeded to deposit these into top decentralized finance platform Aave.

But the whale did not stop there. They borrowed 5 million $USDT from the DeFi protocol and deposited it into OKX, with the funds used to buy 2,563 $ETH for $5 million.

In this period, the price of Ethereum fluctuated between $1,872 and $2,060.

$ETH currently trades around $1,966, continuing the sideways action after giving up gains seen when bulls rallied 7% on Wednesday.Weekly gains are now just 1.7%, and buyers have endured a 27% pullback in the past month.

Although the choppy performance has some $ETH holders panic selling, whales have taken an aggressive approach. This suggests confidence in potential future price upside for Ethereum.

Recently, analysts at Standard Chartered predicted $ETH could climb to $4k in 2025, although this included a revised forecast from an earlier bullish take of $10k by the end of the year.

This bullish outlook by the whales though has retail in an upbeat mood too.