Key Highlights
- 0xbilly (early Ethereum/ConsenSys contributor) bought 7,769 ETH (~$17.46M at ~$2,248 avg) over ~3 hours using 133 discreet CoW Protocol trades to stay low-profile during a dip.
- Erik Voorhees (ShapeShift founder) flipped from selling to heavy buying, adding significant ETH recently, reports range from ~8,500 ETH in days to larger week-long totals around 29K ETH.
- Whale demand surges, multiple big players (including unidentified whales and possible BitMine-linked wallets) absorbed Foundation sales and more, with positive ETF inflows ($160M last week), record-low gas fees, and rising transactions.
With a swift turnaround in crypto markets, Ethereum’s on-chain activity lit up with aggressive buying from prominent whales and early ecosystem players.
One standout move came from 0xbilly, an early Ethereum contributor linked to ConsenSys since 2014. Using wallet 0xf792…1761, he scooped up 7,769 ETH for roughly $17.46 million at an average price of $2,248 per coin—as noted by Lookonchain.
The purchases rolled in over about three hours via 133 discreet settlements on CoW Protocol, a tactic that minimizes slippage and keeps intentions under the radar during a brief dip.
ShapeShift Founder Erik Voorhees joined the fray in force. After offloading ETH at higher levels last year, he flipped to accumulation mode, adding roughly 1,915 ETH ($4.17 million) in a single burst.
On-chain data peg his week-long total near 29,192 ETH valued at about $61.65 million, with an average entry around $2,112 spread across 22 addresses. Some reports tie related wallets to even larger grabs—up to 13,986 ETH ($29.4 million) in 24 hours at ~$2,103—executed through CoW Swap to limit market impact.
Joining both these legends was an unidentified whale, reportedly staked tens of thousands of ETH (earlier figures pointed to $152–$165 million worth over days), while wallets potentially tied to BitMine (associated with Tom Lee commentary) added around 66,000 ETH.
These recent buys arrive against a mixed backdrop. The Ethereum Foundation recently sold off portions (including ~5,000 ETH), yet whale demand appears to absorb it and then some. ETF flows stayed positive last week, with ETH inflows at $160 million.
At this time, most of the network metrics on Ethereum show growing adoption and improving infrastructure capability. For instance, gas fees on the network dropped to record lows last week while transactions remain continuously growing.
Combining these fundamentals with veteran buying ETH at these levels—currently trading at $2,275—it signals conviction that the second largest cryptocurrency outweighs short-term noise.
Whether it’s contrarian bets against fear or positioning for the next leg up, the smart money is clearly voting with capital. Market watchers will keep eyes glued to these addresses for the next cue.
Also read: Metaplanet Raises $255M to Fuel Bitcoin Treasury Toward 210,000 BTC
