- Whales increased ETH activity despite steep price declines and rising liquidations.
- Major Tornado Cash transfers raised questions about potential Richard Heart-linked sales.
- Institutional wallets kept accumulating ETH as whale #66kETHBorrow expanded positions.
Ethereum’s latest price drop has coincided with a surge in activity from several large wallets, creating a major divergence between market sentiment and high-value trading behavior. At the time of writing, ETH was extending its downturn, falling to $3,165.05 after a 9.59% decline over the past 24 hours. Blockchain data showed that multiple whales continued to accumulate or reposition, despite elevated liquidation risk.
The move unfolded as Ethereum’s market capitalization declined to $382.01 billion, while 24-hour trading volume jumped 34.03% to $52.54 billion, reflecting heightened activity during the drawdown.
Related: Ethereum Exchange Supply Hits 1-Year Low as Whales Increase Holdings by 52%
Leverage Traders Face Heavy Losses
One of the most active traders, known as Machi Big Brother, deposited more than $3 million in USDC into HyperLiquid over several intervals to expand long positions in ETH and UNI. Lookonchain reported that he increased exposure to 6,275.7 ETH and 88,888.8 UNI, followed by additional deposits totaling 709,142 USDC. Despite these moves, he suffered five liquidations within an hour, bringing total recorded losses to **$15.89 million** and reducing his account balance to $61,783.
His brother, machismallbrother.eth, also held long ETH positions and added margin to prevent liquidation. Data shows both accounts holding large leveraged exposure, with reported liquidation levels at $3,040.6 for Machi Big Brother and $2,794.71 for Machi Small Brother.
Tornado Cash Movements Trigger Speculation
Separate on-chain activity showed large ETH transfers from Tornado Cash to new wallets. One address, 0xa13C, received 4,978 ETH valued at $16.29 million before selling at $3,273. Lookonchain noted that the timing aligns with earlier movements involving 162,937 ETH, purchased at $3,800 last year by Richard Heart and later deposited into Tornado Cash, which placed those holdings at more than $96 million in unrealized losses.
Shortly afterward, three new wallets withdrew 4,920 ETH (approximately $16.25 million) and sold at around $3,302, prompting further questions about whether the same party was involved or whether unauthorized access played a role.
Institutional-Linked Wallets Continue Buying
Activity was not limited to retail-aligned whales. A new wallet labeled 0x9973, described as likely connected to Tom Lee’s Bitmine, received 9,176 ETH, worth approximately $29.14 million, from a Galaxy Digital OTC address. The movement occurred amid the broader downturn and added to the day’s significant accumulation.
Another large buyer, whale #66kETHBorrow, continued to expand its exposure with multiple high-value purchases. Recent transactions have shown additional purchases of 16,937 ETH and 19,508 ETH, contributing to a cumulative total of 422,175 ETH purchased since November 4. Earlier data indicate that part of this activity was funded through a 120 million USDT loan from Aave, followed by deposits to Binance.
Related: ETH Whales Buy the Dip as Ethereum Revisits $3K: Where Are Prices Headed?
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