A little-known Ethereum whale has added to its already massive holdings, scooping up 49,533 ETH worth about $212 million in the past day, blockchain tracker Lookonchain reported on Monday. That brings the buyer’s total purchases over the past week to 221,166 ETH, valued at nearly $947 million.
The tokens came from large trading desks and custodians, including FalconX, Galaxy Digital, and BitGo, a pattern that has been consistent since the entity first drew attention on August 8. At the time, on-chain data showed the buyer had quietly built a reserve of 171,015 ETH, spread across six newly created wallets funded by other big trading accounts.
The source of the funds remains unknown, though the scale and sourcing point to institutional involvement. The accumulation has already pushed the buyer into the ranks of the five largest known holders of Ethereum, surpassing Coinbase’s reserves.
The buying spree comes as Ethereum is testing the $3,900 level again. It ran toward $4,300 today, with a possible push into record territory. Traders say the move reflects renewed confidence in Ethereum’s role as the backbone for decentralized finance, staking, and institutional use cases.
Other large buyers are also adding to their treasuries. SharpLink Gaming purchased 21,959 ETH in the past day, lifting its total to 543,898 ETH. BitMine remains the largest corporate holder, with 833,100 ETH.
Staking remains a key factor in Ethereum’s market liquidity. Around 30% of the total supply is locked up in staking contracts, much of it through liquid staking platforms or divided into standard 2,048 ETH tranches on the Beacon Chain. Strategic holdings have climbed past 3 million ETH, while ETFs control about 5.3 million.
With more corporate buyers entering the market and unknown whales stepping up their purchases, analysts say short-term supply could tighten further. Such scarcity could magnify price movements if Ethereum breaks through key resistance levels.
Also Read: Fundamental Global Targets $5B Ethereum Treasury via SEC
