An early Ethereum holder executed a near-flawless sequence of trades around last week’s selloff — unloading roughly $188 million in ETH, wrapped staked ETH (wstETH) and wrapped Bitcoin (WBTC) near the market peak, then reassembling equal or larger positions after prices plunged.
On-chain tracker Lookonchain connected the activity to three wallets and called the timing a “perfect sell high, buy low.” The sequence unfolded as Ether briefly slid toward $1,500 and then began a partial recovery; at the time of writing ETH was trading around $1,674, up about 4% on the day but still sharply lower over the past week as volatility remained elevated (24‑hour range: $1,607–$1,706).
What the whale sold
- 60,000 ETH for about $117.25 million (average price ≈ $2,040)
- 9,442 wstETH for about $24 million (average price folded into the ≈$2,040 figure)
- 600 WBTC for about $47.12 million (average price ≈ $78,538)
Total reported proceeds: ≈ $188.37 million (Lookonchain)
What the whale bought back after the dip
- 60,088 ETH for ≈ $95.3 million
- 10,000 wstETH for ≈ $21.08 million
- 611 WBTC for ≈ $38.68 million (average price ≈ $63,280)
Lookonchain estimates the average buyback price for the ETH-linked assets at roughly $1,606.
Net effect: the trader rebuilt slightly more ETH and wstETH exposure than sold and ended with 11 more WBTC than before, effectively regaining similar exposure while deploying materially less capital thanks to lower prices. Lookonchain did not identify the wallet owner and noted that motives remain unknown — the on-chain timing is visible, but whether this was a tactical de-risk, margin management, or an attempt to time the market cannot be confirmed.
Market context and other big players
- Not everyone turned bullish. Lookonchain flagged a large bearish position from an account called pension-usdt.eth, which added 10,000 ETH to a short nine hours prior, bringing its total short to 60,000 ETH (about $101 million). The account has posted a 22-trade winning streak and more than $45 million in total profit, per the tracker.
- Technical and flow signals were mixed: analyst Ali Martinez flagged a TD Sequential buy signal for Ethereum, while analyst CW highlighted short-term sell walls from Coinbase whales — a hurdle that must be cleared for ETH to retest $2,000.
- Liquidity and supply dynamics: CryptoQuant contributor Amr Taha reported that tracked exchange reserves of ETH across Binance, OKX, Gemini and Bitfinex fell by roughly 475,000 ETH in early June. Binance’s balance fell by about 190,000 ETH and Bitfinex by around 180,000 ETH; OKX saw the largest percentage decline. Lower exchange reserves can reduce readily available sell-side liquidity, but withdrawals simply shift custody and don’t guarantee longer-term holder intentions.
Why prices moved
Ethereum briefly touched $1,500 in the June selloff after losing the $1,800 and $1,700 areas. The slide was exacerbated by leveraged liquidations, weak ETF demand and broader risk-off sentiment, leaving $1,500 as the nearest major support. On the upside, immediate resistance sits between the recent daily high near $1,706 and the former support band above $1,800; a decisive break could refocus attention on $2,000. Failure to hold the rebound would put $1,600 and $1,500 back into play, and the large short positions suggest bearish bets remain significant.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
Read more AI-generated news on: undefined/news
