Ethereum rallied above the $2,800 mark today, driven by a notable surge in accumulation from whales and institutional investors.
According to on-chain data, at least seven major entities collectively acquired 127,971 ETH—valued at approximately $358 million—over the past 24 hours, signaling renewed confidence in the asset.
Among the most significant transactions, a newly created wallet labeled 0x35fb withdrew 54,125 ETH (around $151 million) from Kraken in the last 16 hours. With no prior transaction history, the wallet is believed to belong to either a new institutional player or an OTC desk preparing for long-term custody.
Ethereum broke back above $2,800 today!
In the past 24 hours, 7 whales/institutions have bought 127,971 $ETH($358M).
Newly created wallet 0x35fb withdrew 54,125 $ETH($151M) from #Kraken in the past 16 hours.https://t.co/5e6AQjMOwt
Abraxas Capital withdrew 40,986 $ETH($114M)… pic.twitter.com/0pmcvZxK7S
— Lookonchain (@lookonchain) July 10, 2025
Further strengthening this trend, crypto investment firm Abraxas Capital withdrew 40,986 ETH (roughly $114 million) from both Binance and Kraken within a 20-hour window. The size and pace of the move suggest a strategic, long-term allocation rather than a short-term trading position.
Meanwhile, SharpLink Gaming—a major holder of 205,634 ETH ($575 million)—increased its exposure by acquiring another 5,072 ETH via an over-the-counter transaction worth $13.51 million. This fresh buy underscores the company’s commitment to Ethereum, particularly amid its ongoing price rebound.
In parallel, the wallet tied to the GMX exploit has reportedly converted nearly all of its $32 million in stolen assets excluding FRAX—into 11,700 ETH. Whales have also been active at the individual level. Wallet 0x8C08 spent $25 million in USDT to buy 9,188 ETH at an average of $2,721 just 13 hours ago. Similarly, the address pfm.eth purchased 2,900 ETH for $8 million at a slightly higher average price of $2,759.
Adding to this momentum, wallet 0x3c9E however, despite today’s rally, Ethereum has struggled to match Bitcoin’s post-Merge momentum. Since the Merge in 2022, ETH has underperformed relative to BTC, with multiple network upgrades failing to spark sustained bullish price action. According to a recent research note by Matrixport, these improvements have had limited impact on investor sentiment, highlighting a gap between technical progress and market valuation.
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