A cluster of large Ethereum holders has been quietly stacking $ETH in recent days, with on-chain data from Lookonchain capturing a series of significant wallet moves that have drawn attention
A cluster of large Ethereum holders has been quietly stacking $ETH in recent days, with on-chain data from Lookonchain capturing a series of significant wallet moves that have drawn attention across the market.
One previously dormant whale resurfaced after three months of inactivity, spending $20 million in USDC to acquire 10,501 $ETH. Separately, two newly created wallets withdrew more than 86,000 ETH from Binance and Gemini before staking the entire amount, a move that takes supply off exchanges and signals longer-term conviction. Such movements are often associated with large investors who seek to generate passive yield by participating in Ethereum's proof-of-stake consensus mechanism, with staking involving locking up ETH to help secure the network in return for validator rewards.
Adding a historical dimension to the activity, an Ethereum ICO participant also moved 2,000 ETH after remaining inactive for 11 years, a reminder of how deep early-stage holdings can run.
BitMEX co-founder Arthur Hayes added another 1,332.5 $ETH, worth approximately $2.53 million, to his holdings. The purchase continues a broader pattern of accumulation. Lookonchain has flagged Hayes-linked addresses scooping up ETH in a steady streak going back to at least mid-June, when wallets tied to him acquired roughly $5.4 million in ether. Hayes has been vocally bullish on ether's long-term trajectory, arguing that the asset is positioned to benefit from expanding macro liquidity and its central role in facilitating collateral across the decentralized finance landscape.
According to Lookonchain, there are a total of five different wallets believed to be linked to Hayes, with a combined Ethereum balance of around 4,353 ETH, valued at approximately $8.35 million at recent prices.
The broader accumulation trend extends well beyond Hayes. Data from CryptoQuant's Spot Average Order Size indicator revealed substantial whale-sized orders occurring for seven straight days, though the metric captures both buy and sell orders, confirming heightened activity without indicating clear directional bias. The total amount of staked ETH has climbed to an unprecedented 40.93 million ETH.
While the on-chain flows paint a broadly constructive picture, analysts caution that large wallet activity alone does not guarantee price continuation. Traders are watching whether sustained demand from big holders can absorb any near-term profit-taking.
Sources:CryptoPotato: Arthur Hayes Buys ETH Above $1,900Bitcoin.com News: Ethereum Whales Load UpMoneyCheck: Ethereum Whale Accumulates $165M
