Ethereum Whales Accumulate $236M as Price Dips Below $2,000

Large cryptocurrency investors have acquired more than $236 million worth of Ethereum in recent days as the second-largest digital currency struggles below $2,000.

Data from multiple sources shows these "whale" investors purchased over 120,000 ETH coins in a 72-hour period, viewing the price decline as a buying opportunity rather than a reason to sell. This substantial accumulation comes as Ethereum trades at $1,988 per coin with a market capitalization of nearly $240 billion, according to current figures.

Ethereum's price has fallen significantly since reaching its January peak. CoinGecko data reveals ETH has steadily decreased from $3,640 on January 6, with several notable drops along the way. The cryptocurrency experienced its first major decline on January 14 after reaching $3,007, followed by further slides to $2,460 on February 3 and $2,100 on February 28.

The altcoin first dipped below the psychologically important $2,000 threshold on March 11. Since then, ETH has struggled to maintain momentum above this key price level amid broader cryptocurrency market challenges.

"Whales bought over 120,000 #Ethereum $ETH in the last 72 hours!" crypto analyst Ali Martinez noted in a social media post. The analyst included a chart demonstrating how the spike in whale ETH accumulation coincided directly with the coin's price decline.

Martinez elaborated that Ethereum's retreat allowed these large investors to acquire more than 120,000 ETH tokens valued at approximately $236 million in just three days. The timing suggests these investors view the current price as an attractive entry point despite market uncertainty.

"That's a significant move by the whales! Their accumulation often indicates confidence in the market. It's fascinating to see how these big players can influence price trajectories," commented user Agent Snek in response to Martinez's analysis.

In one specific example of large-scale buying, data analytics platform Lookonchain tracked a single whale who added nearly $14 million worth of ETH to their holdings. "A whale bought 7,074 $ETH($13.8M) today! The whale withdrew 4,511 $ETH($8.81M) from #OKX 3 hours ago and deposited it into #Aave," Lookonchain reported.

The analytics platform further noted this investor's sophisticated approach to acquiring additional coins. After the initial purchase, the whale borrowed five million USDT from Aave, a decentralized finance platform, and transferred those funds to cryptocurrency exchange OKX. These borrowed funds were then used to purchase an additional 2,563 ETH tokens worth approximately $5 million.

While many retail traders might view Ethereum's 45% decline from January highs as concerning, these substantial purchases by large investors suggest some market participants see the current price levels as a strategic opportunity to increase their positions.