A prominent crypto whale entity known as 7 Siblings has borrowed a total of $30 million in USDT across two separate transactions to purchase Ethereum (ETH) as the asset's price dropped below $1,800. The moves signal strong conviction from large-scale players despite ongoing market weakness.
According to blockchain analytics firm Lookonchain, the first transaction occurred approximately one hour before the initial report: 7 Siblings borrowed 10 million USDT from the decentralized exchange aggregator Cow Protocol and immediately acquired 5,589 ETH at an average price of $1,789. A subsequent on-chain update revealed the entity borrowed an additional 20 million USDT from Spark Protocol, deploying roughly $4 million to buy 2,254 ETH while retaining $16 million in reserve capital for further purchases. In total, the entity has spent $14 million to add 7,843 ETH to its holdings, with significant dry powder still available.
The accumulation comes at a time when Ethereum is trading around $1,760, having been rejected from the $2,300–$2,400 resistance zone and sliding below key moving averages. Momentum indicators have entered deeply oversold territory, yet 7 Siblings’ leveraged buying—borrowing stablecoins without selling existing holdings—suggests a long-term bullish outlook. Analysts note that such whale behavior often occurs when retail panic-selling provides liquidity, but caution that no single entity can reverse a market-wide downtrend if broader sentiment remains negative. The use of borrowed funds also introduces additional risk in case of further price declines.
The entity’s pattern of buying during dips is closely watched by traders as a potential sign of market bottoms. While the remaining $16 million in purchasing power is significant relative to typical on-chain flows, Ethereum’s daily volume runs into the billions, so any sustained recovery would likely require broader participation. Still, the willingness of large capital to take on new debt and accumulate during a severe correction may be interpreted as a psychological bullish signal.
