Major investors have seized the opportunity to buy Ethereum during its steep drop, pouring around $60 million into the second-largest cryptocurrency by market cap — all within just 12 hours. 

This aggressive move came despite ETH plunging over 17% in a single day, reaching its lowest price since 2023.

According to analytics platform Spot On Chain, a mysterious group known as “The 7 Brothers and Sisters” led the buying spree. 

They spent $42.66 million to acquire 25,100 ETH at an average price of $1,700 per coin. Shortly after the purchase, the entire amount was deposited into the Aave lending platform, likely to earn yield or serve as collateral for a loan.

Another wallet, identified as 0x709, borrowed $8.25 million in DAI through the Spark protocol and used it to purchase 5,227 ETH at an average price of $1,578. This whale also received 6,924 ETH via the privacy-focused platform Railgun, bringing the wallet’s ETH holdings to around $11 million — sparking speculation about its next move.

Not to be left out, a third address, 0x5f1, deployed $8.13 million in DAI to purchase nearly 5,000 ETH at an average price of $1,631.

This buying frenzy suggests that large holders are betting on a rebound, especially as Ethereum struggles to recover from one of its worst quarters on record. 

The cryptocurrency has shed over 45% of its value in the first three months of 2025 alone, and nearly 56% year-over-year — making current prices a potentially attractive long-term entry point.

Over the past seven days, Ethereum has declined by 16.6%, underperforming the broader crypto market, which dropped just over 9% during the same period. Relative to Bitcoin, the ETH/BTC ratio fell to 0.01959, marking its lowest level since February 2020.

At the same time, the Ethereum network is facing a range of structural headwinds:

• A decline in transaction fee revenue is putting pressure on network profitability.

• Intensified competition from faster and cheaper alternatives like Solana, especially in the booming memecoin sector.

• A weaker institutional interest in Ethereum compared to Bitcoin.

These factors are contributing to bearish sentiment, yet the recent whale activity suggests that some large investors still see potential for a significant recovery — especially if Ethereum can address these core challenges in the coming months.

💸💲🧠 Get up to 5020 USDT as a welcome bonus and an additional 1025 USDT by using this referral on  Bybit