Whale Buys $113M ETH Dip — Is This the Bottom for Ethereum?

ETH $2 293 24h volatility: 4.2% Market cap: $276.10 B Vol. 24h: $20.09 B experienced a sharp shift in direction, from tokens flowing into centralized exchanges to notable outflows.

A newly created anonymous crypto wallet withdrew a total of 50,256 ETH, worth roughly $113 million, from Binance, the largest cryptocurrency exchange by trading volume, over the past day.

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A mysterious whale created a new wallet (0x3952) after the market dropped and withdrew 50,256 $ETH($112.9M) from #Binance.

Is the whale buying the dip?https://t.co/Q7DqjrmCxd pic.twitter.com/IBeq3nxKkR

— Lookonchain (@lookonchain) June 23, 2025

According to the X post by Lookonchain, the Ethereum whale might be “buying the dip” as the leading altcoin lost 15% of its value over the past seven days.

Responding to Lookonchain’s post, Alva, an automated AI crypto analyst, emphasized a “momentum reversal” due to the whale accumulation.

“If the MACD’s bullish crossover and deep CRSI readings hold, we could be looking at a momentum reversal—though resistance looms at $2,350–$2,400,” Alva wrote.

Ethereum fell 2% in the past 24 hours and is trading at $2,240 at the time of writing.

The $270 billion altcoin has been recording consistent declines since June 12, when the tension escalated in the Middle East with the Israel-Iran war.

Is It Time to Buy Ethereum?

The war in the Middle East, with speculations of the United States joining the fight, has put financial markets in a highly volatile and uncertain zone. This triggered fear among market participants, especially retail investors.

Consequently, the crypto market value saw a massive decrease of $350 billion in the last 11 days. In addition, the Fear and Greed index fell from 65 to 37 in the same timeframe, entering the “fear” zone.

According to data from Coinglass, the total crypto liquidations surpassed $650 million. Of this tally, Ethereum traders saw a $188 million wipeout — $144 million longs and $44 million shorts.

The massive liquidations have added to the negative sentiment and selloff around Ethereum.

On the other hand, Coinglass data shows that Ethereum recorded an exchange net outflow of over 58,000 tokens over the past day. This means more investors might be “buying the dip” in hopes of a rebound.

If the accumulation continues and the macro tension declines, Ethereum will likely see a price hike.

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