Ethereum whales invest $60M amid 17% price drop

Ethereum (CRYPTO:ETH) witnessed a significant market movement as whales capitalised on the cryptocurrency's sharp decline to its lowest levels since 2023.

Within 12 hours, prominent investors purchased approximately $60 million worth of ETH, signaling long-term confidence despite recent turbulence.

On-chain analytics revealed that a group known as “7 Siblings” led the buying spree, acquiring 25,100 ETH for $42.66 million at an average price of $1,700.

The entire purchase was deposited into the Aave lending platform, suggesting potential plans to earn yield or use the assets as collateral.

Another wallet, identified as “0x709,” borrowed 8.25 million DAI from Spark protocol to purchase 5,227 ETH at $1,578 each.

Additionally, this wallet received 6,924 ETH worth $11 million from Railgun, raising speculation about future moves.

A third address, “0x5f1,” spent $8.13 million in DAI to buy nearly 5,000 ETH at an average price of $1,631.

The timing of these acquisitions coincides with Ethereum’s struggle during one of its worst quarters ever.

The cryptocurrency lost over 45% in value during Q1 2025 and is down nearly 56% year-on-year.

At present, ETH has dropped 17.1% in just 24 hours and trades at $1,577, its lowest since March 2023.

Market sentiment remains mixed as Ethereum continues to underperform against Bitcoin (CRYPTO:BTC) and the broader crypto market.

Over the past week, ETH fell by 16.6%, while the overall market declined by approximately 9%.

The ETH/BTC ratio also hit its lowest point since February 2020 at 0.01959.

Challenges such as declining fee revenue, increased competition from Solana (CRYPTO:SOL) in niche areas like meme coins, and reduced institutional interest have further pressured Ethereum’s performance.

While some analysts predict further declines—potentially to $1,000—others remain optimistic about long-term growth.

Standard Chartered forecasts Ethereum could reach $10,000 by 2029 despite current setbacks.

Quinn Thompson of Lekker Capital expressed scepticism about Ethereum’s future, stating it may be “completely dead” as an investment.

However, the whales’ recent activity suggests confidence in Ethereum’s recovery potential amidst ongoing volatility and uncertainty in the crypto market.

At the time of reporting, the Ethereum (ETH) price was $1,574.63.