Large holders are actively purchasing the second-largest cryptocurrency by market capitalization, despite a short-term price drop below $3400 over the weekend, according to on-chain analysts.
Somebody is buying a TON of ETH.
In the past 3 days, this address has accumulated $300M of ETH from Galaxy Digital OTC.
It’s currently worth $274M, with this address down $26M or 8.7% so far.
Address: 0xdf0A67Ded855F8ea4baB6399690883243c0e2EF3 pic.twitter.com/pB9Foxm1wx
— Arkham (@arkham) August 3, 2025
“Someone is massively buying ETH,” noted Arkham Intelligence specialists on August 3.
According to their data, an anonymous whale acquired 79,461 ETH (~$281 million at the current rate) over three days through over-the-counter (OTC) deals at Galaxy Digital.
Meanwhile, the number of “mega-whale” addresses (holding >10,000 ETH) has increased by more than 200 since the beginning of July, according to Glassnode. This category includes exchanges, large custodians, and ETFs.
In the past 10 days, BlackRock’s iShares Ethereum Trust ETF (ETHA) has attracted $1.7 billion. As shown by the Dune Analytics dashboard, the volume of ether held in exchange-traded funds has surged by 40% over the past month.
Ethereum’s Recovery and August Prospects
On August 2, the price of ETH fell below $3400. According to CoinGecko, the rate has since recovered by 2.8%, reaching $3561 at the time of writing.
August is historically a challenging month for both Ethereum and Bitcoin. According to Coinglass, in 2023 and 2024, the two largest cryptocurrencies by market capitalization faced double-digit losses.
However, during the bull market of 2021, the price of ETH increased by 35.6% in the last month of summer.
Amid the correction of Ethereum and Bitcoin, Eric Trump, the son of the U.S. President, urged followers to buy cryptocurrencies during the dip.
Let me say it again:
₿uy the dips!!! $BTC $ETH https://t.co/VSOvTgnlOT
— Eric Trump (@EricTrump) August 2, 2025
Earlier, a technical analyst known as Edward predicted Ethereum’s rise to $16,000 within the current market cycle.