Ethereum Whales Accumulate and Short Amid Market Correction

On February 3, amid a significant correction in the cryptocurrency market, several major Ethereum holders invested additional millions into the asset, while others took short positions with leverage. Analysts at Lookonchain noted this activity.

The whale known as “7 Siblings” spent $111.72 million to purchase 45,047 ETH at an average price of $2,480.

After the market dropped, whale “7 Siblings” spent $111.72M to buy 45,047 $ETH at an average price of $2,480!https://t.co/ygfREDmCQA pic.twitter.com/xkOAvsB2jp

— Lookonchain (@lookonchain) February 3, 2025

Taiwanese entrepreneur Jeffrey Huang (Machi Big Brother) deposited 1,000 ETH ($2.85 million) into Binance just before the market crash.

machibigbrother.eth(@machibigbrother) successfully escaped the market crash!

He deposited 1,000 $ETH($2.85M) into #Binance again right before the market crash.https://t.co/iahMwOJ6ef pic.twitter.com/OUPzCDUoO8

— Lookonchain (@lookonchain) February 3, 2025

Another whale wallet, dormant for six years, transferred all 77,736 ETH ($228.6 million) to Bitfinex. The last movement of these assets was on January 5, 2019, when ETH traded around $153, valuing them at $11.9 million at the time.

Before the market crash, an #Ethereum whale wallet that had been dormant for 6 years deposited all 77,736 $ETH($228.6M) into #Bitfinex.

This wallet withdrew 77,736 $ETH($11.9M at the time) from #Bitfinex on Jan 5, 2019, when the price of $ETH was $153.https://t.co/a9NjBD85Uo pic.twitter.com/eBfGlJvofk

— Lookonchain (@lookonchain) February 3, 2025

Another major investor opened a short position on ETH with 50x leverage, achieving an unrealized profit of over $30 million.

As the $ETH price dropped, this whale who shorted $ETH with 50x leverage currently has an unrealized profit of over $30M!https://t.co/8utezkrdPy pic.twitter.com/S9Oz0BfcAj

— Lookonchain (@lookonchain) February 3, 2025

According to Coinglass, at the time of writing, the total daily liquidation volume in the crypto market stands at $2.23 billion, with $605 million attributed to Ethereum. 

Earlier, the first signs of a market correction appeared on February 2, following the imposition of high tariffs on foreign goods by U.S. President Donald Trump.