Dormant Ethereum whale buys $28M ETH, ignites ‘V-shaped’ recovery hopes
Ethereum price forecasts range from $7,500 by year-end and up to $20,000 in the most bullish scenarios.
- Dormant whale buys $28M in ETH as price drops 13%, signaling accumulation.
- Whales, BitMine, and ETFs add billions in ETH, reinforcing bullish demand.
- “V-shaped” recovery pattern emerges, with analysts eyeing $7.5K–$20K targets.
An Ethereum whale wallet has resurfaced after four years of silence, scooping up $28 million worth of Ether in a move that has stirred bullish chatter across the market.
Rich Ethereum addresses are buying the dip
On Tuesday, the entity withdrew 6,334 ETH (worth approximately $28.08 million) from Kraken within the previous hour. The address last interacted with the exchange in 2021.
Ether has dropped more than 13% since Sunday, slipping from above $5,000 to around $4,315, a decline the whale appears to have treated as a buying opportunity.
The transfer is noteworthy because whale outflows from exchanges are typically seen as a bullish signal, suggesting accumulation and long-term holding, rather than imminent sell pressure.
Other whale wallets have made even larger ETH purchases.
On Tuesday, crypto exchange Bitstamp sent 20,000 ETH to an unknown wallet, according to Whale Alert data. That indicates an exchange-to-self-custody flow typically associated with accumulation.
Moreover, according to data resource Arkham Intelligence, a single whale bought and staked around $2.55 billion in ETH via Hyperliquid on Monday.
These moves coincide with BitMine’s continued push into Ethereum. Over the past week, the firm added $252 million in Ether, which has pushed its total holdings to 797,704 ETH (valued at roughly $3.7 billion).
BitMine has an additional $200 million in reserves for further Ethereum purchases.
Spot Ethereum ETFs have attracted more than $1 billion in inflows since Aug. 21, according to Farside Investors data, thus almost erasing $925.70 million in outflows witnessed four days prior.
The steady capital adds to whale and corporate buying, reinforcing the view that ETH’s dip is being treated as an entry point rather than a breakdown.
Ethereum is in the midst of a “V-shaped” recovery
Ether (ETH) has continued to rebound from its summer low near $3,350 to resistance above $4,000, forming a “V-shaped” recovery that echoes cycle bottoms preceding past major bull markets.
ETH experienced a similar “V”-shaped rise in late 2020, plunging to around $100 in March during the pandemic before rising to over $4,000 within a year. In late 2022, ETH experienced a similar “V”-shaped rise, rising from below $1,200 to over $2,000 in early 2023