While bearish fears persist in the market, whales are seizing the opportunity to load up on more Ethereum tokens ahead of the next possible rebound.
Today, a newly created Ethereum wallet took custody of 10,009 ETH, worth $41 million, from the Binance exchange. Market surveillance resource Onchain Lens drew public attention to the movement in a tweet.
The accumulation of ETH from Binance comes at a time when the coin is trading at a 9% discount from its weekly high. At press time, Ethereum changes hands at $4,069, up 2.65% today. This daily gain follows a dip to $3,895 just yesterday.
Just a week ago, Ethereum was trading above $4,500. In other words, whales are leveraging the current dip to build their portfolios amid optimism for a major rebound in the coming weeks.
More Whales Buying Ethereum
In a separate update, Lookonchain revealed that another new Ethereum wallet bought a significantly larger 26,199 ETH, worth $108 million, from FalconX. This acquisition occurred 23 hours ago, and the ETH tokens remain untouched in the wallet, despite a $3 million drop in value since the purchase.
Notably, Lookonchain suggested that this wallet is connected to Tom Lee’s BitMine, an Ethereum treasury company. In an earlier post, Lookonchain noted that BitMine added 128,718 ETH to its wallet following last week’s market crash.
He reported that the acquisition was made via six new wallets, with the tokens purchased from FalconX and Kraken.
BitMine Loads Over 200K ETH
Interestingly, in a tweet on Monday, BitMine publicly acknowledged acquiring 202,037 ETH over the weekend, following the market crash. This massive accumulation pushed its total holdings past 3 million ETH, accounting for 2.51% of the total Ethereum supply. The average acquisition price was $4,154.
Chairman Tom Lee described the weekend drop as a buying opportunity, stating that the firm is now halfway toward its goal of owning 5% of all ETH. BitMine’s total Ethereum assets now stand at $12.39 billion.
How High Can ETH Go This Year?
Notably, Ethereum bulls accumulating the token now have their eyes on the $10,000 price target. Both Tom Lee and BitMEX co-founder Arthur Hayes remain confident that Ethereum will reach $10,000 by year-end.
Lee even sees a potential range of $10K–$12K, calling it “price discovery,” not a market top.
With ETH currently trading just above $4,000, hitting $10K would represent a 150% gain. However, historical Q4 data shows average returns of just 21%, which would only push ETH to approximately $5,000. Ethereum has never posted a 150% gain in Q4 — the closest was 142.82%, back in 2017.
Still, Hayes and Lee maintain their bullish outlook, arguing that fundamentals support a breakout.
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