The crypto market witnessed significant activity over the weekend, with whales driving volatility across multiple assets, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and more.
On-chain data highlight a series of high-stakes transactions that happened as the broader market experienced a correction, while some managed to buck the trend.
Whales Cash Out and Double Down as Ethereum Hits Record High
BeInCrypto Markets data showed that the total market capitalization fell 2.2% over the weekend. Despite this, Ethereum managed to move in the opposite direction and reach an all-time high (ATH).
Amid this record high, some whales decided to take profits. In a post on X (formerly Twitter), OnChain Lens reported that a whale who held 1,962 ETH for 11 years transferred the stash to OKX, realizing a profit of $4.7 million.
Furthermore, on-chain analyst EmberCN noted that an unknown hacker bought 5,001 ETH on August 21 for 21.76 million DAI stablecoin. The purchase price was $4,352 per ETH.
The hacker then sold it 4 days later for 23.8 million DAI at $4,760 per ETH, making a $2.04 million profit. He now holds about $46.13 million in stablecoins (36.54 million DAI and 9.59 million sUSDS).
Meanwhile, some whales executed divergent strategies, signaling confidence in Ethereum’s potential. Loookonchain spotlighted three new wallets that bet big on ETH.
“3 newly created wallets received 10,600 ETH worth $51.04 million from GalaxyDigital,” the post read.
Separately, another Ethereum whale (0x3f..b794) moved 10,000 ETH valued at around $47.68 million out of Kraken. Loookonchain further highlighted that an old Bitcoin whale has switched sides.
On August 23, the whale traded 4,300 Bitcoins to buy Ethereum. Yesterday, the investor used another 6,000 BTC to buy ETH.
“So far, he has bought 278,490 ETH ($1.28 billion) at an average price of $4,585, and still holds a 135,265 ETH ($581 million) long position,” Lookonchain wrote.
From LINK to SOL, Crypto Whales Reshape Altcoin Market Flows
While Ethereum dominated whale attention, activity was far from limited to the coin alone. Other altcoins also saw major transactions.
OnChain Lens highlighted that a crypto whale sold 123,500 tokens for $3.13 million USDC. The investor redirected the proceeds into Compound and Aave to earn yield.
Despite this partial sell-off, the investor still retains 425,000 LINK, valued at about $10.8 million. Another investor sold 2.038 million Aerodrome Finance (AERO) for $2.89 million USDC, securing a $1.04 million profit. In addition, an investor transferred 12 million Bio Protocol (BIO) to Binance, achieving a 4.5x profit.
“He withdrew 15 million BIO from Binance for $0.057, 5 months ago, when it was worth only $850,000. 1 hour ago, he transferred 12 million BIO into Binance at a price of $0.315, with the value having increased 4.5 times,” EmberCN stated.
Lastly, a newly created wallet also withdrew 80,254 Solana (SOL) tokens, worth $16.28 million, from Binance. Overall, whale activity over the weekend reflected a mix of profit-taking and strategic accumulation. While some investors locked in multi-million dollar gains, others doubled down on Ethereum and altcoins, highlighting their ongoing influence on market trends.
The post What Did Crypto Whales Do as Ethereum (ETH) Hit a Record High? appeared first on BeInCrypto.
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