Large Ethereum (ETH) holders bought heavily after the latest crash, with one early investor rebuying more ETH and Wrapped Bitcoin (WBTC) than they sold earlier.
Exchange reserves also fell sharply, a sign that holders moved coins away from trading platforms.
Ethereum Whales Accumulate ETH Near $1,600
Ethereum fell sharply last week alongside the broader market. The altcoin dropped by more than 16.8% over the past 7 days and even slid below $1,600 on Friday.
Macro pressure drove the move. Renewed Middle East tensions and a cautious Federal Reserve weighed on risk assets. Steady outflows from spot exchange-traded funds added to the strain.
On Monday, the second-largest cryptocurrency saw modest gains of over 3%. At press time, it traded at $1,664.
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Still, the backdrop turned the dip into an entry point for some of the market’s largest wallets.
Whales Buy as Reserves Decline
Blockchain tracker, Lookonchain, flagged a standout move. An Ethereum OG sold 60,000 ETH near $2,040 before the drop. The whale also sold 600 WBTC at $78,538 and 9,442 wrapped staked ETH (wstETH).
After the crash, the same wallets bought back more than they sold. They repurchased 60,088 ETH and 10,000 wstETH at $1,606. They also added 611 WBTC at $63,280. Lookonchain called it a clean example of selling high and buying low.
Other buyers followed near the lows. A wallet reportedly linked to Chun Wang withdrew 17,560 ETH worth $28.67 million from Binance.
Cohort data from Santiment shows the buying was uneven. Wallets holding 1 million to 10 million ETH lifted their balance to about 6.89 million ETH, adding roughly 290,000 ETH in the first week of June.
Mid-sized wallets moved the other way. Addresses holding 10,000 to 100,000 ETH cut their stack to about 26.87 million ETH, extending the slide.
Meanwhile, exchange reserves told a similar story. Tracked ETH on Binance, OKX, Gemini, and Bitfinex fell by about 475,000 ETH in early June. Binance alone shed roughly 190,000 ETH between June 4 and June 7.
“A reserve decline across several major exchanges can point to tighter available ETH liquidity on centralized platforms, especially if it continues while spot demand improves,” analyst Amr Taha wrote.
Whether the accumulation holds will depend on demand over the coming days.
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The post Whales Buy the Dip as Ethereum Exchange Reserves Keep Falling appeared first on BeInCrypto.
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