Large Ethereum Investors Purchase Discounted ETH, Acquire $236m Worth in 3 Days

Ethereum's biggest investors, known as whales, are increasing their holdings in the leading altcoin, with a remarkable $236 million purchase wall in just three days.

Despite Ethereum's (ETH) price trading below $2,000, large-scale investors with significant ETH holdings, called whales, remain undeterred.

On-chain data demonstrates that the world's largest altcoin by market cap has seen substantial buying activity from large holders.

On March 21, cryptocurrency analyst Ali Martinez shared a chart displaying a surge in whale accumulation of ETH. According to the analyst, the recent price drop, which pushed Ethereum below $2,000, enabled whales to acquire over 120,000 Ether tokens, worth nearly $236 million, in just three days.

Lookonchain reports that one such whale recently purchased 7,074 ETH worth over $13.8 million. On-chain data reveals that the whale withdrew 4,511 ETH worth over $8.81 million from cryptocurrency exchange OKX and deposited it into the top decentralized finance platform Aave.

However, the whale didn't stop there. They borrowed 5 million USDT from the DeFi protocol and deposited it into OKX, using the funds to buy an additional 2,563 ETH for $5 million.

During this time, Ethereum's price fluctuated between $1,872 and $2,060.

ETH is currently trading around $1,966, continuing its sideways movement after relinquishing the gains made when bulls rallied 7% on Wednesday. Weekly gains are now just 1.7%, and buyers have experienced a 27% pullback in the past month.

While the volatile performance has some ETH holders panic selling, whales have taken an aggressive approach, indicating confidence in potential future price increases for Ethereum.

Recently, analysts at Standard Chartered predicted that ETH could reach $4k by 2025, although this was a revised forecast from an earlier bullish prediction of $10k by the end of the year.

This optimistic outlook by the whales has also put retail investors in a positive mood.