Ethereum OG sells $188M before crash, buys back ETH 23% cheaper

An early Ethereum holder sold $188 million in crypto before this month's crash and repurchased a large portion at a 23% discount.

An Ethereum early adopter sold $188 million in crypto before the crash, then bought back 35,723 ETH at $1,563 — 23% below the $2,040 sale price, Lookonchain data shows.

"The whale sold 60,000 ETH near $2,040 and 9,442 wstETH before the decline, then repurchased 60,088 ETH and 10,000 wstETH at $1,606 after prices reset," Lookonchain, a blockchain analytics platform, said in a post on X.

The wallet also sold roughly $47 million in WBTC before the crash and later bought 611 WBTC at an average of $63,280, spending about $38.68 million on the repurchase. The total sell-side flow across all three assets reached approximately $188 million, while the buyback covered about 58% of the ETH position sold. Ethereum fell more than 16% last week and briefly traded below $1,600 on Friday before recovering to $1,664 on Monday, CoinGecko data shows. The wstETH sale was notable because wrapped staked ETH represents tokens locked in Ethereum's proof-of-stake system through liquid staking infrastructure, meaning the holder reduced both liquid and staked exposure simultaneously.

The round-trip trade suggests sophisticated holders are treating the selloff as a reaccumulation opportunity rather than a permanent exit. Whether the buyback marks a local bottom depends on whether other large wallets follow suit — exchange reserves on Binance, OKX, Gemini and Bitfinex fell by about 475,000 ETH in early June, a sign that coins moved away from trading platforms. Binance alone shed roughly 190,000 ETH between June 4 and June 7, tightening available liquidity on centralized exchanges.

On-chain data reveals broader whale accumulation

Cohort data from Santiment shows wallets holding 1 million to 10 million ETH added roughly 290,000 ETH to their balances in the first week of June, lifting their total to about 6.89 million ETH. Mid-sized wallets holding 10,000 to 100,000 ETH moved in the opposite direction, cutting their holdings to about 26.87 million ETH, extending a decline that began in May.

The pattern mirrors another recent trade by an Ethereum veteran who sold $136 million in ETH and wstETH at a similar $2,041 average price, according to on-chain monitors. That suggests a broader shift among long-term holders toward active portfolio management rather than passive holding through volatility. The repeat nature of these trades — sell into strength near $2,000, buy back after panic selling — creates a visible rhythm that other market participants may follow.

For traders, the key question is whether whale accumulation at lower levels will absorb selling pressure from ETF outflows and macro uncertainty. Spot bitcoin ETFs saw $1.72 billion in net outflows last week, the largest weekly redemption in over a year, SoSoValue data shows. Renewed Middle East tensions and a cautious Federal Reserve have weighed on risk assets broadly, making it harder for crypto to decouple from macro headwinds.

The Ethereum OG's trade does not confirm a bottom. It does show that some of the market's most experienced participants are willing to deploy capital after sharp declines — a pattern that has historically preceded stabilization, though not always immediately.

This article is for informational purposes only and does not constitute investment advice.