Ethereum Whales Are Back out of Nowhere

In a series of on-chain moves over the last two hours, several high-value Ethereum (ETH) purchases have quietly shown renewed whale interest – not through explosive momentum or viral chatter but through deliberate, well-funded activity through both DeFi and centralized exchanges.

Wallet 0xDdb4, which is involved in Aave lending markets, borrowed $3.44 million USDC and quickly used it to purchase 1,856 ETH. This was done across Uniswap and known OTC-connected addresses. The swaps look clean and intentional – no signs of speculation or trying to chase yield. It is just a matter of capital rotation into ETH on a large scale.

Not long after, wallet 0xf84d followed a similar pattern but with an interesting variation. The address borrowed $1.64 million USDC from Aave but spent $2.34 million USDC overall to acquire 1,259 ETH, suggesting they have some extra liquidity or prior stablecoin reserves.

Whales have been buying $ETH in the past 2 hours!

0xDdb4 borrowed 3.44M $USDC from Aave, then spent 3.44M $USDC to buy 1,856 $ETH.

0xf84d borrowed 1.64M $USDC from Aave, then spent 2.34M $USDC to buy 1,259 $ETH.

A newly created wallet(0x69D0) withdrew 2,250 $ETH($4.12M) from… pic.twitter.com/r3kvW8N32i

— Lookonchain (@lookonchain) May 1, 2025

The key detail is that both wallets moved within the same short window, targeting similar Ethereum price levels and using the same DeFi pathways.

Also, a new address, 0x69D0, took out 2,250 ETH (about $4.12 million) from Binance – and there were not any inbound transfers, historical swaps or prior activity. It is a pretty clean wallet profile for a transfer of that size, and while its intent is still a bit vague, the timing is hard to ignore.

In total, more than $7 million in ETH have been collected across three wallets in less than two hours. The wallets are not labeled funds or known institutional desks, but the amounts suggest high-conviction capital.

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