An early Ethereum holder successfully navigated the recent crypto market downturn, selling nearly $188 million worth of Ethereum-related assets and Bitcoin before the decline and later rebuilding the position at significantly lower prices.
According to on-chain analytics platform Lookonchain, the activity was linked to three wallets and reflected a rare example of a trader selling near local highs and repurchasing after prices fell. The tracker described the move as a “perfect sell high, buy low” trade.
This #EthereumOG might be one of the smartest traders I’ve seen lately!
Before the crash, he sold:
• 60,000 $ETH($117.25M) and 9,442 $wstETH($24M) at an average price of $2,040
• 600 $WBTC($47.12M) at an average price of $78,538After the crash, he bought back:
• 611… pic.twitter.com/yn8JDiRYmI— Lookonchain (@lookonchain) June 8, 2026
The transactions took place as Ethereum recovered from a sharp correction that briefly pushed the asset toward the $1,500 level. ETH was trading around $1,674 at the time of reporting, up nearly 4% over the past 24 hours, although it remained significantly lower than its level a week earlier.
Whale sells before market correction
Lookonchain reported that the trader sold 60,000 ETH valued at approximately $117.25 million and 9,442 wrapped staked Ether (wstETH) worth about $24 million. The combined Ethereum-linked assets were sold at an average price of roughly $2,040.
The wallet also offloaded 600 wrapped Bitcoin (WBTC) worth around $47.12 million at an average price of $78,538 per coin.
In total, the sales amounted to approximately $188.37 million. While the timing attracted attention across the crypto market, there is no evidence showing whether the trader anticipated the crash or simply reduced exposure before the downturn.
Buys back more tokens at lower prices
After prices declined, the same wallet returned to the market and rebuilt its holdings. The trader purchased 611 WBTC for approximately $38.68 million at an average price of $63,280. It also acquired 60,088 ETH worth about $95.3 million and 10,000 wstETH valued at roughly $21.08 million.
The purchases not only restored the previous exposure but slightly increased it. The wallet ended up holding 11 more WBTC and additional ETH and wstETH compared with the earlier position, while spending considerably less capital due to lower market prices.
Meanwhile, Crypto investor Chris Zhong recently backed calls by Vitalik Buterin for Ethereum to focus on resilience and decentralization instead of competing with rival blockchains on speed alone.
Ethereum recovery sees mixed signals
Despite Ethereum’s rebound, some large traders remain cautious. Lookonchain noted that pension-usdt.eth expanded its Ethereum short position by another 10,000 ETH, bringing the total short exposure to 60,000 ETH worth roughly $101 million.
The account has reportedly completed 22 profitable trades and generated more than $45 million in cumulative profits.
Meanwhile, analyst Ali Martinez said the TD Sequential indicator recently flashed a buy signal for Ethereum. Market analyst CW also pointed to sell walls on Coinbase, suggesting ETH could move toward $2,000 if buyers absorb the available supply.
On the supply side, CryptoQuant contributor Amr Taha reported that Ethereum reserves across major exchanges, including Binance, OKX, Gemini and Bitfinex, declined by about 475,000 ETH in early June. Falling exchange balances are often viewed as a sign of reduced selling pressure, although they do not guarantee future price gains.
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