Yeliz Akmaca 
The cryptocurrency market witnessed volatility over the weekend. After a dip in total market cap on Saturday, a recovery followed on Sunday, with gains holding steady into the first day of the week. During this turbulent period, the actions of whale addresses attracted attention.
Ethereum (ETH) was one of the most traded assets over the weekend. On-chain data revealed a split strategy among major addresses, with both buying and selling activity.
According to Lookonchain, a whale identified as address 0x3c9E sold 33,682 ETH for approximately $119 million at the start of August. Arthur Hayes, CIO of Maelstrom Fund, also took part in selling. Hayes offloaded 2,373 ETH for $8.32 million, along with 7.76 million ENA ($4.62 million) and 38.86 billion PEPE ($414,700), closing out these positions.
These aggressive sales highlight a profit-taking strategy amid market uncertainty. On the other hand, some large players ramped up ETH purchases. An unnamed whale reportedly acquired $300 million worth of ETH.
Additionally, SharpLink Gaming acquired 30,755 ETH for 108.57 million USDC, bringing its total ETH holdings to 480,031. The total value of these holdings is approximately $1.65 billion.
Meanwhile, OnChain Lens reported that another whale bought 25,540 ETH via FalconX. This address had previously sent 35,615 ETH to ETH2.0 staking wallets and is currently down by around $10 million on those holdings. These ongoing purchases underscore continued confidence in Ethereum’s long-term potential.
Strategic Bitcoin Accumulations: Metaplanet and El Salvador Lead
Alongside developments in Ethereum, Bitcoin whales also showed notable activity. Japan-based Metaplanet announced a new purchase of 463 BTC, spending $53.7 million. The average cost per coin stood at $115,895.
According to CEO Simon Gerovich, Metaplanet now holds 17,595 BTC, with a total market value of around $1.78 billion. Additionally, El Salvador increased its official Bitcoin reserves, now totaling 6,258.18 BTC—worth approximately $718 million today.
Meanwhile, a long-dormant wallet reactivated after 12.4 years, moving 306 BTC on-chain. This raised speculation about a potential shift in long-term investor strategies.
Arthur Hayes(@CryptoHayes) sold 2,373 $ETH($8.32M), 7.76M $ENA($4.62M) and 38.86B $PEPE($414.7K) in the past 6 hours.https://t.co/1HymJRPhcj pic.twitter.com/MoJNKUjJaQ
— Lookonchain (@lookonchain) August 2, 2025
Smart Money Flows Into HYPE and Other Tokens
One of the weekend’s highlights was whale activity surrounding HYPE token. Analysts reported that wallet 0x7BE…480D8 deposited 4.07 million USDC into Hyperliquid exchange to expand its HYPE position.
This move pushed the wallet eight ranks higher among the top HYPE holders. The wallet now holds a total of 487,209.95 HYPE, including staked tokens—worth approximately $18.65 million. The investor currently has an unrealized gain of $1.535 million.
Wake up. Ask a question. Wait a few secs. Get real-time onchain answers. All from the comfort of your bed.
Top tokens by Smart Money net inflows in the past 24h:
$MAGICIAN (ETH): +$132K$AIPEPE (ETH): +$126K
$CHILLHOUSE (Solana): +$67K pic.twitter.com/9hTUh73z07— Nansen 🧭 (@nansen_ai) August 3, 2025
According to Nansen data, other tokens that drew strong smart money interest over the weekend included MAGICIAN, AIPEPE, and CHILLHOUSE.
Whales did not follow a single direction over the weekend. While some took profits, others opened large buying positions. However, Sunday’s market rebound and the strong start to the week suggest that buying pressure outweighed the selling.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.