Whales scoop up Ethereum with ‘buy-the-dip’ strategy at play

Ethereum (ETH) is trading 16% lower in the past 1 month, making whales get up from their slumber and buy the dip. One such major Ethereum whale recently purchased approximately 9,400 ETH, worth around $39 million, when prices had dropped. Despite a general market downturn due to rising tensions in the Middle East and re-emerging signs of risk aversion, this whale’s wallet now holds 132,500 ETH worth  $303 million.

This bold move came as ETH plunged 12.8% in 24 hours on June 22, 2025, making most investors steer away from cryptocurrencies like Bitcoin, which also fell 4.7% that day. Even though Ethereum was the worst-performing cryptocurrency on that day, whale activity was heightened as the accumulation of ETH continued, with this whale later distributing it through Lido‘s liquid staking protocol. 

Source: Cryptogoos on X.com

On-chain data from Glassnode, which tracks whale ownership patterns, revealed that ETH wallets holding over 10,000 ETH accumulated a total of 116,893 ETH worth around $265 million on June 21 alone. The strong buy-the-dip vibe suggests that there may be further upside, and the slump may not be the reason to panic and exit the crypto market.

If one were to consider the price movement for Ethereum in the past month, one would notice that the price has moved from its peak of $2,808 in May to settle around $2,650 levels by mid-June. But in the 10 days from June 12 to 22nd, Ethereum saw a steady decline, slipping from $2,776 to ~$2,228, a nearly 20% drop.

According to market analyst Sensei, Ether staying above the crucial upward trendline could trigger a strong rebound in the days ahead. It noted that a bounce from a similar support level back in April-May led to a 55% rally, indicating that ETH could rebound toward the $2,735 resistance level in the short term.

Large holders doubling down during dips only goes on to show the bullish medium-term sentiment that Ethereum is witnessing.