Recent data shows that an anonymous buyer is accumulating Ethereum (ETH) through new wallets, attracting the attention of analysts.
Massive Ethereum Purchase
Analysts from Lookonchain reported that a new wallet received 10,396 ETH (about $40.6 million) in just two hours. Over four days, the same buyer created six wallets, accumulating 171,015 ETH (approximately $667 million) from well-known custodial sources including FalconX, Galaxy Digital, and BitGo.
Possible Reasons for Accumulation
Several plausible explanations exist for this activity. One likely scenario is that an institution is building a long-term position and moving assets into secure custody or staking to earn yield. Another possibility is that a fund, family office, or corporate treasury executed an OTC buy and used custodians to take ownership, leaving the coins in client custody rather than on public markets.
Market Impact
Market participants might interpret off-exchange accumulation as a reduction in the supply of ETH available for immediate market impact, potentially muting short-term selling pressure if the coins are being moved into cold storage or staking. If the new wallets later transfer ETH to exchange hot wallets, it could be seen as preparation to sell, leading to increased market volatility.
The accumulation of 171,015 ETH raises significant interest regarding its potential impact on liquidity and market sentiment. Traders will be closely watching the new wallets for any clues about their next moves.
