According to data shared by Lookonchain, a large Ethereum whale wallet (0x65B4) sold 10,829 ETH worth approximately $24.91 million three days ago when Ethereum was trading near $2,300. On Thursday, the same wallet re-entered the market, purchasing 7,448 ETH at $2,350 for a total of $17.5 million — about 2% above its previous exit price.
Sold High, Bought Back Higher: A Rare Whale Strategy
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 wallet trimming and walking away would not repurchase within days at a higher price. This behavior is consistent with a high-conviction holder managing short-term risk during market volatility.
KelpDAO Aftermath Creates an Entry Window
Ethereum has been under sustained selling pressure following the KelpDAO exploit, which triggered a wave of liquidations and withdrawals from Aave. Aave’s total deposits dropped from roughly $45.8 billion to below $30 billion after the rsETH vulnerability incident, pushing ETH toward $2,300 before stabilization. The volatility created an exit window for holders looking to reduce exposure and a re-entry window for those convinced the selloff was temporary. The 0x65B4 wallet’s rebuy fits that pattern neatly.
Institutional Support Reinforces Whale Thesis
The broader onchain picture on Thursday supports the whale’s re-entry move. Notably, crypto mining firm Bitmine added 101,627 ETH worth $233 million in its largest single-week purchase of 2026, while Grayscale signaled improving conditions for digital assets as Bitcoin buyers approach breakeven. Onchain analyst Ki Young Ju noted separately that Bitcoin tends to be “closest to a bottom when it looks least attractive,” a sentiment that appears to be translating into action for large ETH holders as well.
While the whale’s buyback does not necessarily indicate a market bottom, it adds to a growing body of evidence that sophisticated capital is accumulating Ethereum at current levels. Investors should continue to monitor Aave liquidity recovery and broader macroeconomic factors.