Arkham reports that the whale still owns 750 BTC, while an associated wallet holds 2,500 BTC (about $276.5 million). Some analysts suggest the investor may shift part of these funds into Ethereum. Recently, another whale exchanged 670 BTC ($76 million) for 68,130 ETH ($295 million).

Lookonchain analysts also noted that the address might be linked to another whale who carried out a similar operation earlier this month. This highlights a broader trend of large holders diversifying into Ethereum during market corrections.

Ethereum Accumulation

On August 26, an Ethereum address inactive since 2021 withdrew 6,334 ETH ($28 million) from Kraken. Over the past week, ETH has fallen from $4,900 to $4,300. Analysts believe large players see the pullback as an entry point.

Another investor purchased $2.55 billion in Ethereum via Hyperliquid and locked the coins in staking. Arkham also reported nine whale-related wallets acquiring ETH worth $456.8 million through BitGo and Galaxy Digital.

Corporate demand remains high. BitMine increased its reserves by $2.2 billion to 1.7 million ETH ($7.9 billion). Meanwhile, spot ETFs backed by Ethereum attracted more than $1 billion since August 21, reversing earlier outflows. At present, over 9% of Ethereum’s circulating supply is held by funds and publicly traded firms — a historic milestone that underlines institutional confidence in the asset.