Ethereum

Thomas

Galaxy

Stealth

Hyperliquid

<p>Ethereum (ETH) dropped sharply over the past 24 hours, losing nearly 10% to trade below $3,200. The latest plunge extended a week-long decline that has pressured the broader cryptocurrency market.</p>
<p>Despite the downturn, accumulation continued across multiple wallets.</p>
<h2 id="stealth-accumulation-wave">Stealth Accumulation Wave</h2>
<p>Lookonchain reported that BitMine Immersion Technologies, the Ethereum-focused digital asset treasury (DAT) firm led by Wall Street strategist Thomas Lee, remains active in the market. The on-chain analytics platform identified a new wallet, likely linked to the company, <a href="https://x.com/lookonchain/status/1989206256209604659" rel="noopener noreferrer nofollow">receiving</a> 9,176 ETH from the Galaxy Digital OTC wallet. This stash is worth around $29.14 million.</p>
<p>Ethereum longs have also been increasing, particularly among high-profile investors. Taiwanese music celebrity and digital asset investor Jeffrey Huang, known on-chain as “Machi Big Brother,” along with his brother “Machi Small Brother,” are both long ETH and currently in the red.</p>
<p>As prices fell, Machi Big Brother added 7,400.7 ETH (worth $23.55 million) on Hyperliquid with a liquidation price of $3,040.6, while Machi Small Brother <a href="https://x.com/lookonchain/status/1989215158439407955" rel="noopener noreferrer nofollow">deposited</a> 5,000 ETH (valued at $15.9 million) and additional margin to avoid liquidation, with a liquidation price of $2,794.71.</p>
<p>Meanwhile, another whale investor 66kETHBorrow <a href="https://x.com/lookonchain/status/1989216775322710259" rel="noopener noreferrer nofollow">added</a> another 16,937 ETH, which is worth $53.91 million, raising total purchases to 422,175 ETH, around $1.34 billion. These transactions indicate continued institutional and whale accumulation despite Ethereum’s recent sharp decline.</p>
<h2 id="mixed-eth-holder-behavior-emerges">Mixed ETH Holder Behavior Emerges</h2>
<p>Crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1989186779782451323" rel="noopener noreferrer nofollow">reported</a> that 2.53 million ETH were bought at around $3,150, which essentially means that this level has become a strong support zone as buyers <a href="https://cryptopotato.com/major-ethereum-holders-withdraw-over-1-4b-from-binance-in-a-show-of-confidence/" rel="noopener noreferrer nofollow">stepped</a> in heavily during the recent price drop. However, not all investor cohorts are reacting the same way to the price drop.</p>
<p>Glassnode’s latest analysis <a href="https://x.com/glassnode/status/1989208478565454099" rel="noopener noreferrer nofollow">shows</a> that long-term Ethereum holders have sharply increased their spending activity during the recent market pullback. Since late August, as ETH retreated from its peak, wallets holding ETH for 3 to 10 years have accelerated their average daily distribution to more than 45,000 ETH per day based on the 90-day simple moving average. This surge is the highest spending level from seasoned investors since February 2021, which indicates that a segment of long-term holders is taking profits or reallocating as market conditions weaken.</p>
<p>The post <a href="https://cryptopotato.com/eth-crashes-10-smart-money-piles-in-as-whales-and-institutions-double-down/" rel="noopener noreferrer nofollow">ETH Crashes 10%, Smart Money Piles In as Whales and Institutions Double Down</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

ETH Crashes 10%, Smart Money Piles In as Whales and Institutions Double Down

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