Lookonchain’s recent on-chain data reveals that an early Ethereum whale nearly perfectly timed the last market crash. This long-time holder sold large amounts of ETH, wstETH, and wrapped Bitcoin just before prices dropped last week, and then bought back significantly more after the dip.
Selling ETH and WBTC Before the Downturn
The on-chain investigator said Monday morning that this “Ethereum OG” offloaded 60,000 ETH, worth about $117.25 million, ahead of the crash. The average selling price for that batch was around 2,040 dollars per ETH.
The whale also sold 9,442 wstETH, a wrapped version of staked ether, for roughly $24 million at similar prices. These moves significantly cut the address’s direct exposure to Ethereum and staked ether just as market pressure was building.
At the same time, the OG trimmed their Bitcoin exposure too. Lookonchain’s data shows the whale sold 600 WBTC, a tokenized form of Bitcoin on Ethereum, for about $47.12 million at an average price of $78,538.
Buying Back More After Prices Fall
After the crash hit and prices reset lower, the address flipped its strategy. Lookonchain says the whale bought back 611 WBTC for around $38.68 million at an average price of $63,280 per token. That means the holder ended up with slightly more wrapped bitcoin than before, but at a much cheaper entry price.
The same pattern showed up in ether. Post-crash, the OG purchased 60,088 ETH for about $95.3 million at an average price of $1,606, again increasing its stack relative to what it had sold.
They also added 10,000 wstETH for roughly $21.08 million at the same $1,606 reference level. Taken together, the trades left the whale holding more ETH, more staked ETH, and more WBTC than before the drop, at a lower average cost.
Lookonchain has called out similar whale behavior in past drawdowns, but this sequence stands out because the same address managed to exit and re-enter across three major assets. By rotating out before the move and back in afterward, the OG effectively turned the crash into an opportunity to boost its position.
This kind of timing can look almost surgical to smaller market participants. It also shows why whale flows matter: large, early holders can shift risk quickly and sometimes use volatility to grow their stacks while much of the market is panicking.
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