Ethereum whales have capitalized on the recent Ethereum price decrease, purchasing $60 million worth of ETH as prices fell to levels not seen since 2023.
These large investors bought ETH, demonstrating confidence despite a significant price decline.
Within just twelve hours, these investors put approximately $60 million into Ethereum, even as its price dropped over 17% in a single day.
Specific Whale Transactions Detailed
Data from Spot On Chain, an on-chain analytics platform, indicates that a group known as “7 Siblings” led this buying activity.
This group spent $42.66 million to acquire 25,100 ETH at an average price of $1,700.
Subsequently, they deposited the full amount into the Aave lending platform. This deposit may be for yield generation or borrowing purposes.
Another wallet, “0x709,” borrowed 8.25 million DAI from the Spark protocol. It used this loan to purchase 5,227 ETH at around $1,578 per ETH.
This wallet also received 6,924 ETH from the Railgun privacy platform, valued at about $11 million. The purpose of this received ETH remains unclear.
A third address, “0x5f1,” invested $8.13 million in DAI to buy almost 5,000 ETH. The average purchase price for this transaction was $1,631.
These purchases by large holders suggest an expectation of a price rebound.
The buying activity occurs as Ethereum experiences price recovery challenges following a significant quarterly downturn.
Ethereum’s value decreased by over 45% in the first quarter of 2025.
These whale actions may indicate a belief that current ETH prices represent undervalued investment opportunities, especially as ETH is down approximately 56% from the previous year.
Market Context and Analyst Views
At the time of this report, Ethereum’s price had decreased by 17.1% in the past 24 hours, reaching its lowest price point since March 2023.
Over the last seven days, ETH’s price fell by 16.6%. This performance is worse than the broader crypto market, which decreased by just over 9% in the same period.
Furthermore, the ETH/BTC ratio has reached its lowest point since February 2020, at 0.01959.
The Ethereum network currently faces several challenges.
These include reduced fee revenue, increased competition from platforms like Solana, particularly in the meme coin market, and weaker institutional interest compared to Bitcoin.
Industry commentators like Quinn Thompson from Lekker Capital have expressed negative views, describing Ethereum as a poor investment.
Standard Chartered maintains a positive outlook, forecasting a potential price of $10,000 by 2029, despite the current difficulties.
