A prominent crypto whale has allocated more than $250 million toward purchasing Bitcoin and Ethereum during a market downturn that eliminated $628 million in value and liquidated hundreds of thousands of traders.
Massive Whale Accumulation During Market Turbulence
On-chain tracking data from Lookonchain reveals that wallet address “0xd8d0” moved $178.36 million in USDC to market makers Wintermute and Coinbase over a five-hour period. In exchange, the whale received 893 BTC valued at $103.5 million and 20,000 ETH worth $74.06 million, bringing total accumulation beyond $250 million across both assets.
Ethereum whale bought $283,000,000 $ETH through OTC.
He now holds $365,000,000 Ethereum. pic.twitter.com/1uK5GLvKOf
— Ted (@TedPillows) June 4, 2025
This significant purchase occurred following President Donald Trump’s executive order implementing aggressive tariffs on multiple countries that haven’t secured trade agreements with the United States. The tariff rates span from 19% to 39% for nations including South Africa, Switzerland, Taiwan, and Thailand, while even Canada faces 35% tariffs despite being a close ally.
Key Support Levels Under Pressure
Bitcoin currently trades at $115,000, representing a 2.5% decline over 24 hours and sitting approximately 6.5% below its peak of $122,800 reached on July 14. The digital asset has fallen beneath its three-week trading range, with market analysts monitoring $111,000 as the next significant support threshold.
Ethereum has experienced steeper losses, dropping nearly 5% to trade at $3,669. The sharp correction across both cryptocurrencies sparked extensive liquidations throughout the market.
Data from CoinGlass shows 158,000 traders were liquidated within the past 24 hours. The Ethereum derivatives market alone saw $186.55 million in liquidations following the crash.
Analysis from Amr Taha indicates short-term holders have substantially increased their BTC deposits to Binance, climbing from 10,000 to over 36,000 BTC during July as traders lock in profits. Conversely, whale addresses withdrew more than $900 million worth of ETH from centralized exchanges on July 31, suggesting large-scale accumulation while retail investors sell.
Despite current market conditions, Bitcoin may not have reached its cycle peak. New investor dominance currently stands at 30%, well below the 65%+ levels typically observed during bull market tops in March and December 2024. Technical analyst Ali Martinez notes that Bitcoin maintaining levels above $105,450 could support rallies toward $125,230 or potentially $141,770.
Potential Market Reaction
The contrasting behavior between retail sellers and institutional accumulation during this correction suggests measured market sentiment despite recent volatility. Large-scale whale purchases may provide price support while retail profit-taking continues to create near-term selling pressure.
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