Mystery Ethereum whale accumulates $411 million ETH in February amid ETF rumors

An unknown Ethereum whale has been accumulating ETH at a rapid pace since the start of February. Over the past 23 days, wallet 0x7a95c has acquired $411 million worth of ETH and stETH, mostly from Binance.

Data shared with CryptoSlate from Spotonchain traces the ETH inflows into the wallet throughout the month, showing persistent purchases of between 3,000 and 34,000 ETH.

CryptoSlate analysis tracing inflows and outflows from the wallet shows connections with multiple different exchanges and DEXs. Almost all funds into the wallet came from Binance with $21 million HTX and 1inch. However, in terms of outflows, a wide range of addresses are connected, including Wintermute, Uniswap, 1inch, AlphaLab Capital, Native Pool, and Paraswap, among others.

Digging into the transaction details on Spotonchain, the whale transferred a substantial amount of 7,915 ETH, valued at approximately $23.52 million, from Binance to their wallet. This transaction, recorded on Feb. 22 at 16:38, signifies the continuation of a notable pattern of accumulation by this entity. The transaction details indicate a deliberate strategy by the whale to increase their holdings in Ethereum.

Over the past four days, the whale has reportedly purchased a total of 112,923 ETH through Binance and 1inch, with an average acquisition cost of $2,892 per ETH, amounting to an investment of $326.5 million. Following these transactions, the whale’s Ethereum holdings now stand at 132,585 ETH, alongside 5,485 STETH, cumulatively valued at $411 million. This portfolio currently exhibits an unrealized profit of $21.13 million, highlighting the financial gains resulting from these strategic moves.

The pattern of accumulation includes several other significant transactions. Notably, 17,198 ETH were withdrawn from Binance in a prior transaction, contributing to the whale’s growing Ethereum reserves.

Furthermore, the whale’s activities extend…