While the broader crypto market saw over $1.5 billion in liquidations and the fear index hitting a bottom, an on-chain whale tracked as "7 Siblings" emerged as a relentless buyer. On June 6, the address purchased 11,759 ETH via CoW Protocol at an average price of $1,533, spending $18.03 million. Just two days earlier (June 4), the same entity had borrowed 10 million USDT to buy 5,589 ETH at $1,789 each. Combined, the whale accumulated 17,348 ETH in 48 hours for a total of $28.03 million, with an average entry price of $1,616.
Perhaps more telling: the wallet still holds 10 million USDS (a stablecoin issued by the Sky protocol), meaning it hasn't exhausted its firepower and could deploy more capital at any time.
A Pattern of Buying Every Dip from $3,500 Down
7 Siblings' trading history reveals a consistent strategy: deposit ETH as collateral on lending protocols like Spark (formerly MakerDAO), borrow stablecoins, and use those stablecoins to buy more ETH—creating a recursive leveraged position. The timeline:
- Oct–Nov 2025: Bought 49,287 ETH as price fell from $3,500, average $3,531.
- Nov 2025: Added 15,092 ETH in 14 hours at $3,654, pushing total holdings above 128,000 ETH.
- Feb 2026: ETH hit $2,300–$2,400; bought 24,139 ETH for $57.21 million at $2,370.
- June 2026: ETH crashed to $1,500 range; bought 17,348 ETH at $1,616.
Earlier reports state that via recursive leverage, the address once held up to 596,800 ETH, with an unrealized loss of $27.7 million at one point. Its willingness to keep adding at lower prices suggests far deeper pockets than most whales.
Heads-Up: Whale Buying ≠ Market Bottom
It's worth noting that 7 Siblings also bought heavily at $3,500, only to watch ETH slide to $1,500. Its current weighted average price (~$1,616) is still above the spot price (~$1,500), meaning the position remains deeply underwater. Moreover, 343,000 ETH on DeFi protocols are at risk of liquidation, with the first liquidation trigger at $1,565. Brazen leverage plays can turn deadly in a continued downtrend.