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Whale Buys $39M in Ether as Market Tanks, Betting Big Against Fear
- Ethereum slid to a monthly low over the weekend as broader crypto markets tumbled amid global uncertainty.
- One deep-pocketed investor made headlines by acquiring over $60 million AUD in ETH during the downturn.
- On-chain data shows this wasn’t an isolated move, with other large holders also accumulating amid the sell-off.
- Despite shaky short-term sentiment, some major players are positioning for a longer-term recovery.
It’s been a turbulent weekend for the world – which has bled over into global markets.
Bitcoin briefly dipped below $100k USD ($154k AUD) while Layer 1s such as Solana (-13%), Sui (-19%) and Cardano (-14%) have all endured rough 7-day returns.
And Ethereum, which has polarised its community for the best part of a year, couldn’t escape the turmoil, sinking to its lowest price point in over a month.
While sentiment for Eth isn’t exactly glowing, not everyone is reaching for the panic button.
One particularly positive investor believes that Ethereum’s current slide is just a blip on the radar, betting big on a return to form over the second half of 2025.
Related: Bull Market Nears Exhaustion? On-Chain Data Shows Big Players Dominate as Retail Activity Fades
Winter Buying Spree Sees $60 Million in ETH Scooped Up During Market Dip
Whale watchers Down Under will be enjoying the winter season, with sightings of Humpbacks beginning to increase off the Southern coasts of Australia.
Over on Twitter, whale watchers were feasting their eyes too.
On the 22nd of June, likely in response to the significant sell-off experienced by most major cryptocurrencies, one such whale emerged from the sea to pick up a whopping 17,070 Ethereum – valued at $39m USD ($60m AUD).
The move is a classic example of a ‘buy the dip’ strategy, with long-term holders filling their boots while others scramble to cut their losses and sell.
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Not to limit their earnings, reports show this particular whale quickly moved their ETH into the liquid staking protocol Lido, to begin yielding from their newly-purchased assets.
Whales Sense Opportunity: ETH’s Biggest Investors Buy the Dip Amid Market Turmoil
So, what does this mean for Ethereum?
The actions of one, admittedly high net-worth investor doesn’t really tell us the broader market sentiment.
Obviously, trepidation and anxiety is rife both in the crypto markets and the world at large.
But when we explore Glassnode data, we see that this Eth-lover isn’t isolated among the wave of panic.
The platform’s Mega-Whale tracker, which follows Eth portfolios holding more than 10,000 ETH, has shown plenty of other high-wealth investors picking up the scraps after last week’s sell-off.
According to Glassnode, the four days from June 19 until today showed positive movements in whale wallets holding ETH, despite global tensions reaching a zenith over that timeframe.
Given how up-in-the-air everything is, making a prediction for Ether’s short-term future is fraught with danger. However, we can clearly see that some of the project’s biggest investors subscribe to the age-old saying:
‘Crisis creates opportunity’.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
