An Ethereum whale that sold 10,829 ETH worth approximately $24.9 million three days ago has re-entered the market, purchasing 7,448 ETH for $17.5 million at a price of $2,350, according to on-chain data shared by Lookonchain.
Sell High, Buy Higher: Whale Behavior Defies Short-Term Pessimism
The wallet address 0x65B4 initially offloaded 10,829 Ether when the asset traded near $2,300. On Thursday, the same wallet bought back 7,448 Ether at $2,350 — about 2% higher than its original exit price. While the net position is now smaller (7,448 ETH vs 10,829 ETH), the decision to repurchase at a higher level suggests the operator sees current prices as a buying opportunity rather than a peak. Whales that are bearish typically do not come back days later at a worse price.
KelpDAO Exploit and Aave Liquidity Shock Create Entry Window
Ethereum has been under sustained selling pressure following the KelpDAO exploit, which triggered a wave of liquidations and withdrawals from Aave. Total deposits on Aave dropped from roughly $45.8 billion to below $30 billion after the rsETH vulnerability incident, pushing Ether toward $2,300 before stabilizing. The volatility created both an exit window for risk-averse holders and a re-entry window for those confident the selloff was temporary. The whale's behavior matches this pattern: selling during the initial shock and buying back once the market regained footing above $2,300.
Broader on-chain activity on Thursday supported the whale re-entry thesis. Bitmine separately added 101,627 ETH worth $233 million — its largest single weekly purchase of 2026 — while Grayscale signaled improving conditions for digital assets as Bitcoin buyers approached breakeven levels. On-chain analyst Ki Young Ju also noted that Bitcoin tends to be “closest to the bottom when it looks the least attractive,” a sentiment that appears to translate to large ETH holders as well.