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Ethereum extended its recovery wave and surged over 8% in the last 24 hours to climb to almost $2,300 on Monday.
At the same time, blockchain data indicates fresh Ether purchases by a well-known early Bitcoin supporter.
Whales, Builders, and ETFs Pile Into $ETH
According to blockchain analytics platform Lookonchain, early Bitcoin supporter and founder of ShapeShift, Erik Voorhees, has resumed buying Ether after a one-year break. Data revealed that Voorhees spent 49.08 million $USDT to purchase 23,393 $ETH at an average price of $2,098 through two wallets. He still holds 35.25 million $USDT.
The firm also added that he had offloaded 12,886 $ETH last year when Ether was trading at approximately $3,320.
Lookonchain noted that other investors have also been accumulating Ether alongside Voorhees. A wallet linked to an early Ethereum builder, “billΞ.eth,” spent $17.46 million to purchase 7,769 $ETH at an average price of $2,248 on Monday. On the same day, another whale identified as wallet 0x743d bought 1,827 $ETH for $3.79 million. Over the past four days, the same whale has spent $24.79 million to acquire 11,985 $ETH at an average price of $2,068.
The renewed accumulation trend comes as institutional demand for the asset has also strengthened. Data from spot Ethereum ETFs shows rising investor interest. These funds have recorded over $160 million in net inflows over the past week. During that period, four trading days registered positive inflows, while only one day posted net outflows.
Buterin’s $ETH Sales
On the other hand, Vitalik Buterin reduced some of his $ETH holdings earlier this year. The Ethereum co-founder sold more Ether than he had originally planned. Buterin had previously announced a plan to sell 16,384 $ETH, but on-chain data found total disposals reached about 18,684 $ETH.
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The entire stash is worth over $38 million. The sales began in early February and occurred in several stages as $ETH was gradually sold from his wallets. Buterin said the funds would be used to support open-source software and hardware development, privacy tools, and security-focused infrastructure projects. He also described the move as part of a period of “mild austerity” for the Ethereum Foundation.