Ethereum Whales Are Not Slowing Down...

Two Wallets, One Clear Signal

On-chain data from Lookonchain shows that an OTC whale, identified by wallet address 0x8c58, purchased another 10,000 $ETH worth approximately $19.1 million. The move follows an earlier transaction by the same wallet: the address acquired 27,000 ETH through an over-the-counter transaction facilitated by Galaxy Digital, valued at around $52 million, roughly two weeks prior. OTC desks are commonly used by large investors to buy or sell substantial amounts of cryptocurrency without causing significant price slippage on public exchanges.

A second whale, wallet 0x2684, added 3,960 $ETH on Aug. 5. That purchase is part of a broader accumulation run: the same address has now gathered more than 79,000 ETH since late June, a pattern consistent with other large holders quietly building positions away from the public order books.

A Broader Pattern of Accumulation

The activity from these two wallets is not happening in isolation. According to Lookonchain, the earlier 27,000 ETH purchase through Galaxy Digital OTC followed three months of wallet inactivity, marking a notable return to the market. Separate on-chain data shows the trend extends well beyond a single buyer. Santiment reports wallets holding at least 100,000 ETH now control 22.03% of supply, a nine-week high, as whales accumulated while ETH dipped below $2,000.

Other notable buyers have also been active in recent weeks. One whale withdrew 112,000 ETH, worth roughly $208 million, from exchanges over three weeks, with every batch going straight into staking. Staking on this scale pulls tokens out of active circulation, a move traders often read as a sign of long-term holding rather than short-term trading.

For now, the data points in one direction: large holders are continuing to accumulate $ETH at current prices, using OTC channels and staking contracts to build positions with minimal market disruption. Whether that conviction translates into a sustained price move remains to be seen.

Sources:
BitcoinWorld: Dormant Whale Resurfaces, Acquires $52 Million in Ethereum via OTC Trade
AMBCrypto: Ethereum Whales Add $58M in ETH
CryptoRank: Ethereum Whales Accumulate, Wallets Holding Over 100K ETH Now Control 22% of Supply