Ethereum whales collect $ 60 million as the ETH price falls to 2023 minimums

ethereum whales have taken the opportunity to buy the fall when eth crashed with their lowest level since 2023.

In just 12 hours, these deep investors poured around $ 60 million in the second largest cryptocurrency for market capitalization, although it fell more than 17% in a single day.

The whales submerge when eth reaches the low years

Data <a target="_blank" href="https://x.com/spotonchain/status/1909063479690219718″ target=”_blank” rel=”noopener” data-wpel-link=”external”>shared By the chain analysis platform in the chain it shows the mysterious group known as “7 brothers” leading the load. They spent a strong $ 42.66 million to buy 25,100 eth at an average of $ 1,700. Then, the group quickly deposited the total amount on the AAVE loan platform, possibly to gain performance or borrow against assets.

Another wallet, identified as “0x709”, borrowed 8.25 million DAI of the Spark protocol to take 5,227 eth in around $ 1,578 each. This whale also received 6,924 eth from Railgun's privacy platform, with the stash of approximately $ 11 million, which increases speculation about its next movement.

It should not be left behind, a third direction, “0x5f1”, deployed $ 8.13 million in DAI to obtain almost 5,000 eth at an average price of $ 1,631.

The shopping spree marks an opportunistic thrust of great headlines that probably bet on a rebound, since it arrives at a time when ethereum's price is struggling to recover from one of his worst quarter. Lost more than 45% of its value in the first three months of 2025. Their movements can suggest that they see current prices such as a long -term bargain, especially with eth a almost 56% for a year.

Mixed market and feeling turbulence

At the time of writing, the asset had fallen 17.1% in 24 hours, dragging its value at levels not seen since March 2023.

In the last seven days, eth fell 16.6%, with a lower performance to the broader cryptographic market that lost a little more than 9% within that period. In addition, against bitcoin, eth/btc has reached its lowest relationship since February 2020, in 0.01959.

The network also faces multiple challenges, including reducing revenues in decrease, a tough Solana competition, especially in the meme coin space, as well as a mediocre institutional interest compared to bitcoin.

He has led some industry observers as Quinn Thompson from Lekker capital to sound the death of ethereum, recently describing the asset as “completely dead” as an investment. However, Standard Chartered remains optimistic, predicting that cryptographic asset could reach $ 10,000 by 2029 despite its current problems.

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