Ethereum Whale Snaps Up $127M in ETH Amid Market Panic
A deep-pocketed Ethereum whale is defying the current crypto bloodbath, scooping up tens of thousands of ETH while panic grips the broader market.On June 13, blockchain tracking account Lookonchain revealed on X that the mysterious trader bought 48,825 ETH, worth approximately $127 million, from Coinbase and Wintermute, over an eight-hour period at an average price of $2,605 per coin.Opportunity in TurmoilThis fresh accumulation came amid a brutal market rout sparked by reports of Israeli missile strikes on Iranian nuclear sites.The preemptive move sent shockwaves through equities, commodities, and, most notably, digital assets, with more than$190 billionin crypto market value evaporating within hours, driving the price of Bitcoin (BTC) down nearly 5% to $103,000. Ethereum also suffered a similar fate, plunging from $2,760 to a low of $2,470, to erase gains from its recent surge to a 15-weekhighof $2,830 just days prior.Currently, ETH is trading at about $2,520, down 8.6% in the last 24 hours. Still, it added an extra 2.3% over seven days, outpacing the broader crypto market’s rather measly 0.1% gain in that time.Yet while retail traders fled for the exits, liquidating more than $1 billion in leveraged positions, this veteran whale saw an opportunity. And it isn’t their first strategic move: Lookonchain’s earlier posts traced their footsteps back to late April.On April 27, the entity bought 600 BTC and 30,000 ETH, with the latter costing just under $55 million. Weeks later, on May 22, they sold that ETH at $2,621 each, netting about $23.73 million in profit. Undeterred by volatility, they plunged back in on May 26, acquiring another 30,000 ETH for $75.39 million at $2,513 per coin.That batch was sold just three days ago on June 10 for $82.76 million, securing a further $7.3 million gain. Today’s $127 million buy marks the whale’s largest single accumulation spree yet, executed as retail traders jettisoned their holdings.Confidence in a Rebound?The move appears to be a calculated gamble that the recent plunge in ETH’s value is an overreaction. The whale often leverages OTC desks for discreet, large-scale moves, avoiding slippage and market impact, a luxury unavailable to retail.Their proven track record of buying fear and selling into strength suggests they may view the dip below key technical and psychological support as a prime accumulation zone, betting on Ethereum’s strong fundamental backdrop, including sustainedETF inflows, a supportive U.S. regulatory shift, as well as Vitalik Buterin’s recently unveiled scaling roadmap updates.