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Ethereum (ETH) reaching a new all-time high despite broader market weakness. Large holders, commonly known as whales, engaged in a mix of profit-taking and accumulation, shaping market flows across ETH and several major altcoins.
Ethereum Reaches New Record
While the total cryptocurrency market capitalization slipped by 2.2% over the weekend, Ethereum moved in the opposite direction, recording a fresh all-time high. The milestone triggered both selling pressure from long-term holders and significant new accumulation from other large investors.
One of the most notable moves came from a wallet that had held 1,962 ETH for 11 years. According to blockchain tracker OnChain Lens, the entire balance was transferred to crypto exchange OKX, locking in gains of approximately $4.7 million.
In another example, on-chain analyst EmberCN highlighted an unusual case involving an unknown hacker. On August 21, the address purchased 5,001 ETH for 21.76 million DAI, paying an average of $4,352 per ETH. Just four days later, the same wallet sold the tokens for 23.8 million DAI at $4,760 per ETH, securing a $2.04 million profit. The hacker’s wallets currently hold around $46.13 million in stablecoins, split between DAI and sUSDS.
Accumulation by New and Existing Whales
Not all whales were selling. Several large purchases indicated renewed confidence in Ethereum’s longer-term trajectory.
On-chain analysis from Lookonchain revealed that three newly created wallets acquired 10,600 ETH, valued at about $51.04 million, in transfers from Galaxy Digital. Another whale, identified as wallet 0x3f..b794, withdrew 10,000 ETH—worth roughly $47.68 million—from the exchange Kraken, a move often interpreted as accumulation rather than selling.
Perhaps the most significant development came from an old Bitcoin whale who has been rotating capital into Ethereum. On August 23, the investor exchanged 4,300 BTC for ETH, followed by another swap of 6,000 BTC the next day. In total, the wallet has purchased 278,490 ETH valued at $1.28 billion, with an average cost of $4,585 per ETH. The whale still retains 135,265 ETH, worth approximately $581 million, signaling a long position.
Whale Moves Extend Beyond Ethereum
Although Ethereum captured the most attention, large-scale transactions were not confined to ETH. Several altcoins, including Chainlink (LINK), Aerodrome Finance (AERO), Bio Protocol (BIO), and Solana (SOL), also saw notable whale activity.
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Chainlink (LINK): OnChain Lens reported that one whale sold 123,500 LINK for about $3.13 million USDC, later deploying the funds into lending platforms Compound and Aave to earn yield. Despite the sale, the wallet still controls 425,000 LINK, valued at roughly $10.8 million.
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Aerodrome Finance (AERO): Another investor sold 2.038 million AERO tokens for $2.89 million USDC, realizing a profit of around $1.04 million.
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Bio Protocol (BIO): A long-term holder moved 12 million BIO tokens back to Binance after a steep price increase. EmberCN noted that the same investor originally withdrew 15 million BIO from the exchange five months earlier at just $0.057 per token, worth $850,000 at the time. The recent transfer occurred when BIO traded near $0.315, increasing the position’s value 4.5 times.
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Solana (SOL): A newly created wallet withdrew 80,254 SOL tokens, worth about $16.28 million, from Binance. The size of the transaction highlighted continuing interest in Solana among high-net-worth crypto investors.
Market Implications
Whale behavior remains a critical driver of short-term volatility in the cryptocurrency market. Profit-taking, such as the sale of ETH by long-term holders, can apply downward pressure on prices. Conversely, accumulation by new wallets or cross-asset rotation from Bitcoin into Ethereum suggests confidence in ETH’s potential to outperform.
The divergent strategies highlight the uncertainty in current market conditions. Ethereum’s record-setting performance contrasts with the broader decline in crypto market capitalization, underscoring its role as a focal point for institutional and whale investors.
Analysts caution that while whale activity provides insight into market sentiment, it does not always predict long-term price direction. Some whales may be hedging exposure or reallocating assets across exchanges, while others are positioning for extended holds.
Conclusion
The weekend’s activity demonstrates the influence of crypto whales across both Ethereum and the wider market. With Ethereum hitting a new all-time high, whales pursued a mix of strategies—some locking in profits after long periods of holding, while others accumulated significant new positions.
At the same time, major moves in altcoins like Chainlink, Aerodrome Finance, Bio Protocol, and Solana show that whales continue to shape liquidity and price dynamics beyond the largest cryptocurrencies.
Whether Ethereum’s momentum continues will depend not only on market fundamentals and macroeconomic conditions but also on the ongoing actions of these large holders, whose trades can shift billions of dollars in value within days.
