Onchain data shows that WLFI sold roughly $8 million worth of Wrapped Bitcoin (WBTC) to purchase ETH. The timing stands out, as the move came while Ethereum was trading below the $3,000 level and broader market direction remained uncertain.

WLFI Repositions Its Portfolio

According to data tracked by Onchain Lens, a wallet associated with WLFI sold a total of 93.77 WBTC and acquired approximately 2,868.4 ETH. The average purchase price was around $2,813 per ETH.

Rather than a one-off trade, the transaction points to a deliberate portfolio adjustment. By exiting WBTC, WLFI chose direct exposure to Ethereum price movements instead of maintaining a Bitcoin-pegged position within the Ethereum ecosystem.

Wrapped Bitcoin serves as a fully backed representation of Bitcoin on Ethereum. WLFI’s exit from WBTC sends a clear signal: the firm is increasing Ethereum’s weight in its portfolio while dialing back Bitcoin-linked exposure.

Ethereum Remains Under Price Pressure

Ethereum continues to trade under pressure after slipping below the psychological $3,000 level. At the time of writing, ETH is changing hands near $2,864, down more than 2.5% over the past 24 hours.

Weekly losses have grown more pronounced, while the monthly decline remains relatively contained. Bitcoin is showing a similar pattern. Prices hover around $87,600, with both daily and weekly pullbacks in play, though monthly performance is still slightly positive.

Despite the weakness, some institutional players appear to view current Ethereum levels as an opportunity rather than a warning sign.

Whales Accumulate Between $2,600 and $3,000

Large Ethereum holders continue to buy into the downturn. Data from CryptoQuant indicates that whale wallets have been accumulating ETH primarily within the $2,600–$3,000 range.

Several notable transactions stand out. A newly created address labeled “0xcA0” acquired roughly 61,000 ETH via Binance, a position now worth more than $171 million. Another large wallet, “0xFB7,” purchased 20,000 ETH through Wintermute, bringing its total holdings close to 100,000 ETH.

Meanwhile, BitMine — one of the largest publicly known Ethereum holders and often linked to Tom Lee — added another 35,268 ETH during the recent market pullback, reinforcing its long-standing Ethereum-focused strategy.

Institutional Interest Persists, Uncertainty Remains

These accumulation patterns suggest that long-term confidence in Ethereum has not faded, even as short-term price pressure continues. Still, it remains unclear how quickly — or whether — this onchain buying activity will translate into sustained upside.

In the coming weeks, further moves from both long-dormant and newly active large wallets are likely to play a decisive role in shaping market direction. For now, these positions look less like aggressive bets and more like strategic positioning during a period of weakness.

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