During a period of intense market volatility, one Ethereum whale took a contrarian position — acquiring 48,825 ETH worth approximately $127 million, as panic gripped the crypto sector.

On June 13, blockchain tracking platform Lookonchain reported via X that the investor executed the massive purchase across Coinbase and Wintermute over an 8-hour span, paying an average price of $2,605 per ETH.

The transaction occurred as markets reeled from news of Israeli strikes on Iranian nuclear facilities. In just hours, over $190 billion was wiped from the crypto market. Bitcoin (BTC) dropped nearly 5% to $103,000, while Ethereum plunged from $2,760 to a low of $2,470 — erasing gains from a recent 15-week high.

ETH is currently trading around $2,520, down 8.6% in the past 24 hours but still up 2.3% on the week — outperforming the broader market, which gained only 0.1% in the same period.

While retail traders liquidated over $1 billion in leveraged positions, this veteran whale moved in. This isn’t their first calculated move. On April 27, the entity purchased 600 BTC and 30,000 ETH. A month later, they sold the ETH at $2,621 for a $23.7M profit. They re-entered on May 26, buying another 30,000 ETH at $2,513 per coin — and sold again on June 10 for a $7.3M gain.

Now, this $127M transaction marks their largest single accumulation yet — made while the rest of the market was selling.

The whale appears to be betting that the recent crash is an overreaction. By using OTC channels, they avoid slippage and market impact — a luxury retail traders don’t enjoy.

Analysts interpret this move as a show of confidence in Ethereum’s fundamentals: growing ETH ETF flows, improving U.S. regulatory signals, and renewed attention to Ethereum’s scaling roadmap presented by Vitalik Buterin.

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