A mysterious Ethereum whale has been rapidly accumulating ETH since the beginning of February. Over the past 23 days, the wallet address 0x7a95c has amassed ETH and stETH worth $411 million, primarily from transactions on Binance.
Data shared by Spotonchain, tracking the flow of ETH into the wallet throughout the month, reveals continuous buying transactions ranging from 3,000 to 34,000 ETH.
CryptoSlate’s analysis of the wallet’s inflows and outflows indicates connections to various exchanges and decentralized exchanges (DEXs). Nearly all the funds flowing into the wallet originate from Binance. However, regarding outflows, many addresses are connected, including Wintermute, Uniswap, 1inch, AlphaLab Capital, Native Pool, Paraswap, and several others.
Delving into transaction details on Spotonchain, this whale has transferred a significant amount of 7,915 ETH, valued at approximately $23.52 million, from Binance to their wallet. This transaction, recorded on February 22 at 16:38, signifies the entity’s continued notable accumulation pattern. Transaction details reveal a deliberate strategy by the whale to increase their Ethereum holdings.
Over the past four days, the whale is purported to have bought a total of 112,923 ETH through Binance and 1inch, with an average buyback cost of $2,892 per ETH, equivalent to an investment of $326.5 million. Following these transactions, the whale’s Ethereum holdings now stand at 132,585 ETH, along with 5,485 stETH, totaling $411 million. This investment portfolio currently boasts unrealized profits of $21.13 million, highlighting the financial benefits derived from these strategic moves.
The accumulation pattern includes other significant transactions. Notably, 17,198 ETH was withdrawn from Binance in a previous transaction, contributing to the whale’s increasing Ethereum reserves.
Furthermore, the whale’s activity extends beyond purchasing Ethereum, as evidenced by the withdrawal of $40 million USDT from Binance. This suggests a broader strategy likely involving leveraging stablecoin reserves to further increase Ethereum holdings. The whale’s transactions and holdings, particularly the use of both ETH and stETH strategies, reflect a sophisticated approach to digital asset investment, emphasizing diversification and capitalizing on market fluctuations.
Rumors of a potential Ether ETF approval by the SEC have helped propel Ethereum back to the $3,000 mark this month.