Key Summary:
A major Ethereum whale accumulated $39 million worth of Ethereum during a sharp market sell-off triggered by U.S. airstrikes on Iran.
The Ethereum super whale increased its holdings by over 116,000 coins on Saturday, demonstrating a strong "buy the dip" sentiment.
Technical patterns suggest that ETH may rebound by 25% to around $2,735 in the short term.
A high-net-worth Ethereum trader accumulated tens of millions of dollars worth of Ethereum, ignoring the broader market decline caused by escalating tensions in the Middle East and new risk-averse signals.
Wallet address 0x7355…213 purchased approximately 9,400 Ethereum (about $39 million) in two large transactions on Sunday, bringing its total Ethereum holdings to $330 million.
This whale's buying activity occurred against the backdrop of Ethereum being one of the worst-performing major cryptocurrencies in the past 24 hours.
ETH's price dropped about 12.80% in the last 24 hours, hitting a low of $2,155. Its performance lagged behind the top-ranked cryptocurrency Bitcoin (BTC), which only fell about 4.70% during the same period.
This downward trend emerged as the market digested reports of U.S. military strikes on Iran, marking a significant escalation in the ongoing Israel-Iran conflict that began with Israel's "Operation Lion" on June 13.
Despite the bearish market, this whale continued to actively accumulate ETH and deploy funds through Lido's liquid staking protocol.
The timing and scale of the purchases indicate that the whale views the sell-off as a long-term "buy the dip" opportunity rather than a reason to panic.
Data from Glassnode tracking broader whale holding patterns also shows similar bullish sentiment.
Ethereum wallets holding 10,000 ETH or more increased their net holdings on the day of the U.S. airstrikes on Iran and in the days leading up to it.
On June 22, these super whales absorbed over 116,893 Ethereum, worth $265.3 million, indicating they see the downturn as a buying opportunity rather than a signal to exit the market.
Market analyst Sensei pointed out that Ethereum is currently holding a key upward trend line, which could lead to a strong rebound in the coming days.
A rebound from the same support level previously triggered a 55% increase from April to May 2025. If this pattern repeats, ETH could rebound to the $2,735 resistance level in the short term, representing an approximate 25% increase from the current price.
Related: Anchorage enhances DeFi functionality for institutions through integration with Uniswap wallet.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Despite Ethereum (ETH) falling harder than Bitcoin (BTC), a whale spends $39 million to buy the dip”
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