Major Ethereum whale wallet 0xFB7 has been aggressively accumulating ETH during the recent market downturn, purchasing 70,013 ETH worth approximately $203.6 million over the past five days. The most recent transaction occurred just 6 hours ago, with the whale acquiring 20,000 ETH valued at $56.13 million via an over-the-counter (OTC) transaction. This strategic buying suggests strong long-term conviction in Ethereum at its current discounted prices.
Simultaneously, a long-dormant Ethereum whale wallet "0xb5…Fb168D6" has reactivated after approximately nine years of inactivity. On Sunday, this wallet transferred 50,000 ETH worth about $145 million to a Gemini exchange wallet in two separate transactions of 25,000 ETH each. The address had been inactive since 2017 when it withdrew roughly 135,000 ETH from Bitfinex when ETH was trading near $90, making those holdings worth approximately $12.17 million at the time. Following these transfers, the wallet still holds approximately 85,283 ETH.
This surge in whale activity coincides with broader market declines. Ethereum has fallen 2.8% over the past 24 hours to $2,859, while Bitcoin slipped 1.43% to trade at $87,611. The whale accumulation behavior, particularly through OTC transactions which minimize price impact and avoid alerting automated trading bots, is typically associated with institutions, funds, or high-net-worth individuals viewing Ethereum as a long-term strategic investment rather than a short-term speculative play.
Market analysts note that whale activity can significantly influence market sentiment, with deep-pocketed investors accumulating during downturns often signaling bullish confidence in future price recovery. Retail investors frequently follow whale behavior as a leading indicator, and this accumulation spree may provide reassurance to those nervous about recent price drops.
