On-chain data from Lookonchain, a blockchain analytics platform, reveals that in the past few trading days, crypto whales have been accumulating ethereum (ETH), buying millions worth of the coin.

Whales Accumulating Ethereum

Notably, some of the whale moves involved Hashkey.

On-chain data shows that Hashkey made several strategic moves to capitalize on the market conditions. In one instance, the whale bought 1,747 ETH for $2.5 million at $1,431 during the de-pegging of USD Coin (USDC). 

The whale then sold 3,540 ETH for $7.4 million at the highest price point of the year, which was around $2,090, raking in profit.

Another whale also bought ethereum after depositing in Aave, a decentralized finance (DeFi) protocol. The whale deposited 6,000 stETH, borrowed 6 million USDT, and then deposited the funds into Binance. 

Two hours later, they withdrew around 3,600 ETH from Binance, a crypto exchange, buying at around $1,650. The whale then deposited 8,000 stETH, borrowing 7 million USDT, and depositing the funds into Binance.