Lookonchain’s fresh on-chain data reveals that an early Ethereum whale almost perfectly timed the last market crash. The long-time holder sold large amounts of ETH, wstETH and wrapped Bitcoin before prices fell and bought back considerably more after the dip.
Selling ETH and WBTC Before the Downturn
Lookonchain reports that this “Ethereum OG” offloaded 60,000 ETH worth about 117.25 million dollars 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 dollars at similar levels. 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 its Bitcoin exposure too. Lookonchain’s data shows the whale sold 600 WBTC, a tokenized form of Bitcoin on Ethereum, for about 47.12 million dollars at an average price near 78,538 dollars.
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 dollars at an average of 63,280 dollars 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 dollars at an average of 1,606 dollars, again increasing its stack compared with what it had sold.
It also added 10,000 wstETH for roughly 21.08 million dollars at the same 1,606 dollar reference level. Taken together, the trades left the whale holding more ETH, more staked ETH and more WBTC than before the drop, all with lower average costs.
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, then back in after, the OG effectively turned the crash into a chance to upgrade 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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