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Ethereum Whale Keeps Buying, Adding WBTC Alongside ETH! Here Are the Details

An Ethereum whale is still buying—and not cautiously. The investor recently withdrew 120 WBTC from an exchange after accumulating about $156 million in ETH and Wrapped Bitcoin since the beginning of July. Why move those coins off-platform? The simplest answer is longer-term holding. My take: that explanation is plausible, not proven. One wallet still cannot tell us where the broader crypto market is going.

On-chain analytics platform Ai Yi reported that the investor has bought Ethereum ($ETH) and Wrapped Bitcoin (WBTC) throughout July. In the past two hours, the whale withdrew another 120 WBTC, worth about $7.8 million, and transferred it to a private wallet. Since July began, the wallet has purchased 59,404.19 $ETH and 820 WBTC. That is not background noise. I’ll be honest: the sheer size makes this wallet worth tracking.

At current prices, the holdings are worth about $156 million. Ai Yi estimates that the whale paid an average of $1,742 per Ethereum and around $64,329 per Wrapped Bitcoin. Recent crypto gains have put the portfolio’s estimated unrealized profit at $8.93 million. Sounds impressive. But for now, that profit exists only on paper.

Large withdrawals from centralized exchanges are often read as evidence that an investor intends to hold rather than sell. Most market commentary stops there. That’s only half right. The whale has repeatedly transferred both Ethereum and Bitcoin exposure to a private wallet, so patient accumulation looks more likely than quick trading—but calling this an adoption signal goes too far. Why does that distinction matter? Because these transactions show one wealthy investor putting serious money to work despite uncertainty around regulation and the economy; they say nothing certain about institutions or other whales. I would not stretch the evidence further.

The buyer may have other reasons for moving the assets: rebalancing a portfolio or changing custody providers. They might also be splitting funds between wallets. Only the wallet’s owner knows. Counter to the usual advice, though, uncertainty is not a reason to dismiss the activity entirely. The purchases are too large and frequent to brush aside, and buying both $ETH and WBTC during a volatile July appears intentional. From a macro flow perspective, the whale may be betting that global liquidity will improve, sending money back into riskier assets. Perhaps inflation concerns have eased. Perhaps that theory is wrong. The clearest fact is simpler: the investor kept buying through short-term price swings.

What this means

The purchases indicate that this whale expects $ETH and WBTC to rise over time. Transferring the assets to a private wallet also points toward longer-term ownership rather than an immediate sale. Still, I would call it a bullish bet—not a bullish verdict. Yes, that sounds more cautious than the wallet’s $156 million position might warrant. Bear with me. It remains one investor’s bet, and the average entry prices of $1,742 for $ETH and $64,329 for WBTC do not guarantee a price floor.

Traders can now watch whether the wallet continues withdrawing coins. Then comes the harder test: do other large holders follow? Exchange outflows sometimes precede big price moves, though the connection is inconsistent. Is tracking the estimated entries of $1,742 for $ETH and $64,329 for WBTC overkill? No—they may become useful reference points. FOMC decisions and inflation reports will also matter because shifting interest-rate expectations can change demand for risky assets quickly. In my view, that macro backdrop matters more than any single wallet. This whale has made its move. The rest of the market may disagree.