Eleven Ethereum wallets accumulated nearly 296,000 Ether, valued at $1.19 billion on Wednesday, in some of the largest single-day on-chain transfers this year. According to blockchain analytics firm Lookonchain, the buying spree came from five exchanges, on the backdrop of price slumps and heavy liquidations in the broader crypto market.
Lookonchain reported that the wallets received funds from Kraken, Galaxy Digital OTC, BitGo, and FalconX. The largest single inflow was 41,039 ETH, worth roughly $165 million, sent from FalconX to one address.
Whale wallets buy ETH as price correction wipes out weekly gains
According to chart data from Arkham Intelligence, three of the involved wallets received between 34,000 and 35,000 ETH each, adding more than $420 million in aggregate. Another 31,450 ETH, valued at $126.7 million, arrived from Galaxy Digital OTC.
Update:
11 wallets have received 295,861 $ETH($1.19B) from Kraken, Galaxy Digital OTC, BitGo, and FalconX today.https://t.co/AuocAlBWay pic.twitter.com/YRLDhhz0Ca— Lookonchain (@lookonchain) September 25, 2025
Kraken accounted for several large transfers, including 31,117 ETH worth $125.4 million, 22,100 ETH worth $89 million, and 22,094 ETH worth another $89 million. Two smaller inflows of 6,511 ETH and 18,564 ETH were traced to Kraken and BitGo, respectively.
A second BitGo-linked wallet received 17,726 ETH, worth about $71.4 million. Altogether, the 11 wallets collected 295,861 ETH on Thursday, which is currently worth $1.1 billion at current market prices, per Lookonchain’s data.
The accumulation spree came during a turbulent trading session for cryptocurrencies in the top 10 by market ranking. Ether’s price touched a low of $3,983 in Asian hours as the broader digital asset market wilted under macroeconomic pressure.
Bitcoin also slipped 0.51% down to $111,900, with chatter around traders spreading fears of a potential US government shutdown this year.
According to Coinglass data, more than $100 million in leveraged positions were closed during Asian trading hours, with over $90 million lost on bullish bets predicting an uptick in Bitcoin and Ethereum prices.
Despite the volatility, long-term investors are taking advantage of Ether’s price tanking and are pulling coins out of exchanges. CryptoQuant reported that digital currency exchange reserves fell to 16.5 million ETH this week, the lowest level in over a year.
Lower exchange balances could mean the ETH is being moved into private custody or staking contracts, which reduces immediate selling pressure.
Whales lose over $70 million in Ether long bets
Earlier today, Lookonchain reported that a whale address labeled 0xa523 suffered a forced liquidation when its long bet was caught in the downturn. The position, worth 9,152 ETH ($36.4 million), was liquidated by decentralized exchange Hyperliquid as the token’s price slid below $4,000 for the first time since August 8.
ETH just dropped below $4,000!
The biggest loser, 0xa523, just got WIPED.
His entire 9,152 $ETH($36.4M) long position was fully liquidated.
His total losses now exceed $45.3M, leaving him with less than $500K in his account.https://t.co/8C3XNE5tMS pic.twitter.com/JplqJl0cPy
— Lookonchain (@lookonchain) September 25, 2025
The whale’s cumulative losses now exceed $45 million, and their account balance has dropped below $500,000, according to on-chain records.
Another high-profile trader identified by the platform as Machi, who has been active on Hyperliquid since May, had turned an initial balance into $42.6 million in profits by early September.
Over the past six days, he lost nearly $30 million of those gains evaporated, reducing profits to $11.6 million. Machi had deposited over $4 million in USDC into Hyperliquid on Thursday morning to avoid liquidation.
One week of pressure on Ethereum
It’s been a brutal week for Ether and the rest of the crypto market. Between September 18 and 25, ETH dropped below $4,000 after failing severally to break above resistance between $4,500 and $4,600.
More than $500 million in ETH long positions were liquidated in a 24-hour window ending Monday’s trading session, while liquidations in the broader market exceeded $1.6 billion. Whale accounts absorbed more than $45 million in forced sales, worsening downward momentum.
