Ethereum Whales Accumulate Over $45M in ETH as Price Falls Below $1,900

Ethereum whales continued accumulating ETH despite a sharp price decline, with multiple large purchases and exchange withdrawals recorded over the past several hours as the token traded below $1,900.

A newly created wallet identified as 0x49D9 withdrew 2,101 ETH, valued at approximately $3.95 million, from Binance in two separate transactions about four hours ago.

Separately, Bitmine, the company associated with investor Tom Lee, appears to have acquired an additional 7,500 ETH worth roughly $14.61 million from BitGo in a single transaction about five hours ago.

Meanwhile, BitMEX co-founder Arthur Hayes purchased another 3,298 ETH, valued at approximately $6.39 million, through transactions involving FalconX and Galaxy Digital around three hours ago. Since July 15, Hayes has accumulated a total of 7,213 ETH worth about $13.87 million at an average purchase price of $1,923 per token. Based on current market prices, the position is showing an unrealized loss of approximately $301,000.

Another large holder, identified by wallet 0xf23c, withdrew an additional 10,444 ETH worth around $20.47 million from Binance. Over the past week, the same wallet has transferred a cumulative 30,244 ETH, valued at roughly $57.8 million, off the exchange.

The wave of accumulation coincided with renewed weakness in Ethereum’s price. ETH fell below the $1,900 threshold and was trading at $1,882 at the time of the update, down 4.3% over the previous 24 hours.

Source: Lookonchain