Whale activity is back in the spotlight after on-chain tracker Lookonchain flagged fresh ETH accumulation from a wallet linked to former BitMEX CEO Arthur Hayes — a signal traders are watching closely as Ethereum trades under pressure.
What happened
- Lookonchain posted on X that a wallet tied to Hayes bought 1,400 ETH, roughly $2.51 million at the time of the post.
- The tracker also previously noted the same wallet may have received 3,000 ETH from Flowdesk, reinforcing the appearance of notable accumulation.
A key caveat
On-chain attribution can reveal wallet behavior and known counterparty links, but it isn’t the same as a direct confirmation from the individual. The activity should be read as Hayes-linked wallet moves unless Hayes himself verifies the purchases.
Why traders care
Large-wallet buying matters because whales can help absorb selling pressure and stabilize prices when retail sentiment is weak. If bigger addresses are adding exposure while smaller holders flee, it can signal that stronger hands see value — though it does not guarantee an immediate price rebound.
What still needs to happen
- Price confirmation is crucial. ETH needs to reclaim resistance, form higher lows, and show broader spot demand beyond a few large wallets.
- Traders will watch whether similar accumulation appears across multiple large wallets or remains isolated.
- Exchange flows are another tell: repeated withdrawals from centralized exchanges suggest longer-term positioning, while quick deposits back to exchanges would weaken the accumulation thesis.
Bottom line
For now, whales appear to be active and the market is paying attention. If on-chain demand from large wallets coincides with stronger technical price action, this buying could help build a more convincing recovery case. Until then, the Lookonchain signal is a meaningful input but not a standalone roadmap to a rally.
This article was written by the News Desk and edited by Samuel Rae. Originally sourced from Lookonchain on X.
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