A whale that had been dormant for three months made a move today. The mysterious entity purchased 27,000 ETH worth $52.03 million. The purchase was not executed on regular crypto exchanges, but through Galaxy Digital OTC services. On-chain analytics account @lookonchain reported the activity, marking the whale’s return after a prolonged period of silence. Previously, the wallet address had not touched its assets for three full months.
This private transaction coincided with price recovery momentum. Ethereum recently climbed back toward the $2,000 level. This price mark has drawn widespread attention following strong inflows into crypto ETF products.
Why Avoid Public Exchanges
Opting for the over-the-counter (OTC) route has a solid rationale. Trading tens of millions of dollars on public exchanges could trigger sudden price slippage that disadvantages the buyer. OTC transactions enable institutional players and whales to execute orders without disrupting open market balance.
While large-scale private purchases do not immediately move ticker prices on spot exchanges, the maneuver signals long-term conviction from the buyer. They are willing to commit tens of millions of dollars to a single asset at current price levels. This presents a sharp contrast to Ethereum’s earlier performance, with the asset having dropped up to 42% year-to-date despite Wall Street capital beginning to flow in.
Consistent Capital Inflows
This off-market buying action aligns with trends seen in regulated investment vehicles. Ethereum ETFs recorded daily net inflows of 19,682 ETH, valued at $38.12 million. Weekly timeframes show even heavier accumulation, with ETF instruments absorbing a net inflow of 70,177 ETH worth $135.93 million over the past seven days.
A similar pattern emerged for Bitcoin. Bitcoin ETFs logged single-day net inflows of 3,078 BTC, equivalent to a $202.63 million capital injection. Weekly totals also surged to 11,460 BTC, representing a seven-day aggregate of $754.46 million. Capital is flowing heavily into the top two crypto assets across multiple entry points.
Big money appears unbothered by the 42% year-to-date drawdown, scooping up supply as price builds momentum toward $2,000. For retail holders, these quiet OTC moves and steady ETF accumulation hint that institutions are positioning themselves for the next market phase.
Reported by @lookonchain on X.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
