Ethereum Whale Accumulates 38,576 ETH During Market Pressure

• An Ethereum whale borrowed USDT and accumulated over 38,000 ETH during market weakness.
• Repeated ETH withdrawals from exchanges signal long-term accumulation despite price pressure.

With the market under strain, the Ethereum whale known as #66kETHBorrow has stepped in once again. The wallet tapped borrowed liquidity and funneled it straight into ETH during the pullback.

Ethereum Whale Executes Another Leveraged Accumulation Cycle

Lookonchain data shows the whale borrowed roughly 85 million USDT from Aave before routing the funds to Binance. Soon after, 38,576 ETH, valued at about $119.3 million, was withdrawn from the exchange. Such flows are commonly viewed as accumulation, as removing assets from exchanges lowers near-term selling pressure. The sequence appeared orderly rather than rushed, pointing to a premeditated move.

Furthermore, this was not the first move by the same entity. Previously, this whale had been recorded as purchasing approximately 489,696 ETH, with an estimated value approaching $1.5 billion.

The pattern used was relatively consistent: borrowing stablecoins, sending them to an exchange, and then withdrawing large amounts of Ethereum. There are no signs of aggressive distribution, and so far there has been no apparent return to exchanges indicating a quick sell-off.

Interestingly, this action occurred while market sentiment was still mixed. Prices hadn’t shown a clear direction, volume tended to fluctuate, and volatility was still present. However, these whales seemed unperturbed by these conditions. In fact, buying again was initiated during this phase.

Furthermore, this movement aligns with the trend of supply tightening. On December 8, we reported that ETH balances on centralized exchanges had fallen to 8.7%, the lowest since the network’s launch. This means that less ETH is available for direct trading on exchanges, with most moving into private wallets or other contracts.

Previously, on December 5, we also highlighted Tom Lee’s view that Bitcoin could potentially reach $300,000 next year, while also suggesting that ETH had the potential to move much higher. While this isn’t the direct trigger, sentiment like this often forms the backdrop for large-cap investors.

Early December also saw significant technical news, when Ethereum finalized the Fusaka Upgrade. This update enabled PeerDAS, boosting Layer 2 speeds and lowering transaction fees.

As of press time, ETH is changing hands at about $3,158, up 0.97% over the last 4 hours and 2.02% over the last 24 hours.