Ethereum Whales Accumulate $1B+ in ETH During Dip

In the midst of a recent price dip, large Ethereum investors known as whales have accelerated their accumulation of the cryptocurrency, purchasing hundreds of thousands of ETH worth over $1 billion in the past week, according to on-chain data from analytics firms including Arkham Intelligence and Lookonchain. This activity unfolded as Ethereum's price hovered around $3,400 to $3,500 in early November, following a decline to near $3,000 that prompted selling from smaller holders.

Blockchain trackers reported that one unidentified whale amassed more than 385,000 ETH, valued at approximately $1.33 billion to $1.38 billion, over the last 10 days. This investor, tracked as the "66kETHBorrow" wallet, holds about $564 million in spot ETH and an additional $819 million through leveraged positions on the decentralized lending platform Aave. The whale recently borrowed 120 million USDT and 270 million in stablecoins from Aave, depositing funds into exchanges like Binance to expand its holdings further. In a single day, it added ETH worth $105 million.

Separate transactions highlighted similar strategies among other large players. Another whale, identified by the address 0x9992, deposited...