Mysterious Crypto Whale Buys $41 Million of Ethereum, Will ETH Price Skyrocket?

Jakarta, Pintu News – Amid concerns that the market is still dominated by bearish sentiment, whales are taking advantage of this moment to accumulate more Ethereum tokens (ETH) ahead of a possible price rebound.

Today, a newly created Ethereum wallet was recorded receiving 10,009 ETH worth approximately $41 million from the Binance exchange. This big move caught the public’s attention after it was reported by Onchain Lens through a post on Twitter.

This accumulation action comes at a time when the price of Ethereum is trading at a discount of about 9% from its highest level this week. At the time of writing, Ethereum is trading at $4,069, a daily gain of 2.65%. This increase came after the price had dropped to $3,895 the previous day.

In comparison, just a week ago, Ethereum broke the $4,500 level. This means that whales are taking advantage of the current price drop to strengthen their portfolios, hoping for a major price recovery in the next few weeks.

Whale Increasingly Buying Ethereum

In a separate update, on-chain analytics platform Lookonchain revealed that another new Ethereum wallet had purchased 26,199 ETH worth approximately $108 million from institutional trading platform FalconX.

Read also: Ethereum Holds Steady at $4,000 Today — Is a Breakout Coming for ETH?

This purchase took place about 23 hours ago, and as of now the ETH tokens have not been removed from the wallet-even though their value has dropped by about $3 million since the transaction was made.

Interestingly, Lookonchain suspects the wallet has ties to BitMine, the Ethereum treasury company founded by Tom Lee. In a previous post, Lookonchain also reported that BitMine had added 128,718 ETH to its reserves following last week’s market drop.

This large accumulation action was carried out through six new wallets, with ETH purchases coming from FalconX and Kraken.

This move suggests that large institutional players are still optimistic about Ethereum’s long-term prospects, and are taking advantage of the price drop to increase their exposure to the asset.

BitMine Buys More Than 200,000 ETH

Interestingly, through a post on Twitter on Monday, BitMine publicly confirmed that it had accumulated 202,037 ETH over the weekend after the market experienced a sharp correction.

This massive buying spree saw BitMine’s total holdings jump past 3 million ETH, or about 2.51% of the total Ethereum supply. Their average purchase price was recorded at $4,154 per ETH.

Read also: Sui Price Eyes $9.5 Following YLDS Token Launch Through Strategic Partnership with Figure

BitMine’s chairman, Tom Lee, called last weekend’s price drop an “ideal buying opportunity.” He also emphasized that the company has now reached half of its target of controlling 5% of the entire circulating ETH supply. BitMine’s total Ethereum assets are now worth around $12.39 billion.

How High Can ETH Price Rise This Year?

Major Ethereum investors are now targeting a price level of $10,000 per ETH. Both Tom Lee and Arthur Hayes (co-founder of BitMEX) have expressed their belief that Ethereum could reach this mark before the end of this year.

Lee even estimates a target range of $10,000-$12,000, calling it part of the price discovery phase, not amarket top.

With the current ETH price slightly above $4,000, a rise to $10,000 would reflect a jump of around 150%. However, historical data shows that Ethereum’s average yield in the fourth quarter was only about 21%, which means it would statistically only push ETH to the $5,000 range.

Throughout history, Ethereum has never recorded a 150% surge in a single Q4 quarter-its highest record was 142.82% in 2017.

Nevertheless, both Hayes and Lee remain optimistic. They argue that Ethereum’s current fundamentals-including institutional adoption, the growing DeFi ecosystem, and the potential for a spot ETF-support the possibility of a major breakout in the near future.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• The Crypto Basic. Mysterious Whale Acquires 10,009 Ethereum from Binance. Accessed on October 16, 2025