Ethereum traded largely sideways on Saturday after a choppy week for crypto markets, finishing the week up roughly 1% — a sign of persistent demand amid broader selling pressure.
On-chain tracker Lookonchain flagged wallet “0x65B4” as selling 10,829 ETH when prices were near $2,300, a move worth about $24.91 million. The same address then re-entered the market, buying back 7,448 ETH at roughly $2,350, or about $17.5 million. Market observers read the rapid sell-and-buy as tactical repositioning rather than a full exit, suggesting the holder sought to profit from short-term swings while keeping significant exposure.
Separately, blockchain intelligence firm Arkham reported that three whale addresses moved a combined 100,000 ETH — roughly $234 million — out of BitGo custody. Large withdrawals from centralized custody providers are often interpreted as signs that holders intend to store assets long term, which can relieve near-term selling pressure. Traders and analysts speculated about who might control the withdrawing addresses, with several high-profile investors named in conjecture.
Analyst Gordon, founder of Crypto Crib, highlighted a separate large trade: a roughly $90.9 million long in ETH taken at 20x leverage. That position has reportedly returned about $16.6 million in recent months but remains risky — Gordon noted liquidation would occur if ETH fell to around $1,392. Analyst CryptoJack echoed the view that the $90 million leveraged bet signals conviction among big players, while also underscoring how fragile such positions are and how sharp moves could trigger substantial liquidations.
At the time of reporting, ETH was trading at $2,318, down about 0.48% over the prior 24 hours.