Ethereum (ETH) continued to trade sideways on Saturday following a volatile week marked by a broader crypto market downturn.
Notably, over the past week, the cryptocurrency gained around 1%, pointing to steady underlying demand even as major digital assets continued to face broader selling pressure.
According to data from on-chain analytics firm Lookonchain, 10,829 transactions were made by a wallet with the code “0x65B4” offload. The value of ETH was valued at around $2,300, which is roughly equivalent to $24.91 million.
Surprisingly, the same whale re-entered the market shortly after, buying back 7,448 ETH valued at roughly $17.5 million at a slightly higher price of $2,350.
Meanwhile, this quick turnaround from the whale has drawn attention from traders who view such behavior as a sign of tactical repositioning rather than a full exit from the market.
 
Instead of signaling bearish conviction, the whale’s move suggests they may have been attempting to capitalize on short-term price fluctuations while maintaining significant exposure to Ethereum.
Additionally, data from blockchain intelligence firm Arkham indicated that three whale addresses moved a total of 100,000 ETH, valued at approximately $234 million, out of BitGo wallets.
When such significant amounts are withdrawn from centralized exchanges, it is usually seen as a sign that these holders plan to keep the ETH for the long term, which can ease selling pressure on the market. Speculation has also emerged about the identities behind these wallets, with some market participants wondering whether well-known investors like Tom Lee are involved.
Furthermore, analyst Gordon, founder of Crypto Crib, noted that a whale recently opened an aggressive $90.9 million long position in ETH using 20x leverage. This particular trade has apparently been profitable in the past, bringing in about $16.6 million over the last few months.
However, this is such a risky move, as the position could be liquidated if the price drops to around $1,392. While this is well below current prices, it is still a crucial point to watch for in the event of a sudden market drop.
Meanwhile, analyst CryptoJack highlighted that the same $90 million leveraged position underscores the conviction of large players betting on continued upside.
However, he also emphasized the fragility of such highly leveraged trades, warning that a sudden downside move could trigger one of the most significant liquidations in recent market history.
At press time, ETH was trading at $2,318, reflecting a 0.48% drop in the past 24 hours.
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