Ethereum (ETH) traded sideways on Saturday after a volatile week for the broader crypto market, with the token gaining about 1% over the past week — a sign of steady underlying demand amid broader selling pressure.
On-chain analytics firm Lookonchain reported that a wallet labeled “0x65B4” offloaded 10,829 ETH when the price was roughly $2,300, equivalent to about $24.91 million. The same whale re-entered shortly after, buying back 7,448 ETH at about $2,350, valued near $17.5 million. Traders interpreted the quick turnaround as tactical repositioning rather than a full exit, suggesting the whale aimed to capitalize on short-term price swings while maintaining significant exposure.
Separately, blockchain intelligence firm Arkham indicated three whale addresses moved a combined 100,000 ETH — roughly $234 million — out of BitGo wallets. Large withdrawals from centralized exchanges are often seen as a signal that holders intend to keep assets long term, which can reduce near-term selling pressure. Market participants speculated about the identities behind these wallets, with some naming high-profile investors.
Analyst Gordon, founder of Crypto Crib, noted a whale opened an aggressive $90.9 million long in ETH using 20x leverage. That trade has reportedly been profitable in recent months, netting about $16.6 million, but carries high risk: liquidation could occur if ETH fell to around $1,392. Analyst CryptoJack highlighted that the $90 million leveraged position demonstrates large players’ conviction in further upside while also emphasizing the fragility of such trades, which could trigger substantial liquidations if prices move sharply down.
At press time, ETH traded at $2,318, down 0.48% over the past 24 hours.