Emre Yumlu 
Ethereum (ETH) saw a sharp pullback over the past 24 hours, sliding nearly 10% and falling below the $3,150 level. The decline extended the weakness observed throughout the past week, putting pressure on the broader crypto market. However, while retail sentiment turned cautious, large investors appeared to take the opposite stance—aggressively buying the dip.
Major Wallets Increase Accumulation Activity
On-chain data reveals that several high-value addresses have been steadily adding Ethereum during the downturn. One of the most notable players is BitMine Immersion Technologies, an Ethereum-focused digital asset treasury. A newly identified wallet believed to be associated with the company recently received 9,176 ETH from Galaxy Digital’s OTC address. The inflow—valued at roughly $29.14 million—highlights ongoing institutional appetite despite market turbulence.
Well-known crypto investors have also continued to expand their long exposure to Ethereum. Taiwanese digital asset figure Jeffrey Huang, known online as “Machi Big Brother,” along with his brother “Machi Small Brother,” both increased their leveraged long positions even as prices continued to decline.
Machi Big Brother added 7,400.7 ETH on Hyperliquid, worth about $23.55 million, with a liquidation price of $3,040.6. Meanwhile, Machi Small Brother deposited 5,000 ETH—valued at $15.9 million—along with additional collateral to reduce liquidation risk, placing his liquidation level at $2,794.71.
Another whale, operating under the label “66kETHBorrow,” accumulated an additional 16,937 Ethereum. This purchase brought the investor’s total holdings to 422,175 ETH—approximately $1.34 billion—underscoring the scale of institutional and whale participation during the decline.
Diverging Behavior Among Ethereum Holders
Despite the sell-off, a substantial amount of buying occurred around the $3,130 zone. Around 2.53 million ETH were accumulated at this level, forming a strong support base as buyers stepped in aggressively.
However, not all investor groups reacted uniformly to the downturn. Long-term holders—those who have held ETH for three to ten years—have significantly increased their distribution activity. Their spending has risen to an average of more than 45,000 ETH per day based on the 90-day SMA, marking the highest level of long-term holder selling since February 2021.
As the market continues to move sharply, some seasoned investors are taking profits while institutional players and whales build positions. How these contrasting strategies will influence ETH’s next major market move remains an open question in the days ahead.
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