Ethereum whale accumulation holds strong despite price pullback

The recent price slide hasn’t deterred big-money players, as large transactions over the past 24 hours show whales adding to their positions.

According to Lookonchain data, one fresh wallet, which has been in a three-day accumulation streak, received 25,213 ETH (ETH) (worth $94.67 million) from FalconX in the early hours of July 22, 20225. The transaction pushed its total holdings to 72,333 ETH, valued at roughly $267 million at current prices.

Around the same time, another newly created wallet withdrew 5,309 ETH ($19.96 million) from Binance, boosting its holdings to 19,391 ETH, worth $72.38 million.

But it’s not just new entrants making moves. A long-dormant whale, which had been inactive for two years, recently resurfaced to join the trend. This wallet scooped up 34,033 ETH in minutes for about $128.68 million, signaling fresh confidence in the asset at current price levels.

Institutional demand is also fueling this momentum. Asset manager BlackRock has spent approximately $1.76 billion buying ETH over the past week, according to Arkham Intelligence. Earlier today, the firm purchased another 27,158 ETH, worth around $100 million.

BlackRock’s accumulation comes as demand for Ethereum ETFs continues to surge, with inflows hitting record levels since their inception.

However, not everyone is buying. Lookonchain data shows some large holders are already taking profits. One tracked whale recently sold 8,005 ETH at $3,751 for $30.03 million. Just two weeks earlier, the same wallet had bought 9,582 ETH for $26.11 million at around $2,725, securing a $9.87 million profit, a 38% gain in just 14 days.

This selling pressure likely contributed to today’s dip, which saw Ethereum hit an intraday low of $3,620 before rebounding to $3,649. ETH is down about 3.1% in the past 24 hours and sits 5.2% below this week’s high of $3,850.

Despite the pullback, ETH is still up 23% on the week and 62.3% over the past month, keeping market sentiment positive for higher price targets.