According to on-chain data shared by Lookonchain, an Ethereum whale linked to wallet 0x65B4 sold 10,829 ETH worth approximately $24.91 million three days ago when ether traded near $2,300. On Thursday, the same wallet re-entered the market, purchasing 7,448 ETH for $17.5 million at $2,350 — roughly 2% above the exit price.
Sell Low, Buy Higher?
The round trip leaves the wallet with a reduced net position of 7,448 ETH compared to 10,829 ETH before the sale. However, the decision to accumulate at a higher price than the exit point suggests the operator views current levels as a buying opportunity rather than a top. A whale exiting a long-term position would not repurchase within days at a higher price.
KelpDAO Aftermath Opens an Entry Window
Ethereum has faced sustained selling pressure following the KelpDAO exploit, which triggered liquidations and withdrawals from Aave. Aave's total deposits dropped from roughly $45.8 billion to below $30 billion after the rsETH vulnerability. Ether fell to $2,300 before stabilizing above $2,350. The volatility created an exit window for risk-averse holders and a re-entry window for those confident the selloff was temporary — exactly the pattern seen with wallet 0x65B4.
Institutional Demand Reinforces Support
Bitmine separately added 101,627 ETH worth $233 million on April 23, its largest single-week purchase of 2026. Grayscale also signaled improving conditions for digital assets as Bitcoin buyers approach breakeven. On-chain analyst Ki Young Ju noted that Bitcoin is often “closest to a bottom when it looks least attractive,” a sentiment extending to large ETH holders. The combination of whale repositioning and institutional buying suggests strong support near the $2,350 level.
Overall, the market appears to view the KelpDAO disruption as a temporary shock rather than a structural shift, with high-conviction capital stepping in to absorb supply.