Bitcoin OG Back To Buying Ethereum, Adds $108-M In ETH After 2-Day Pause

Ethereum has been the undisputed leader of the crypto market in recent weeks, driving momentum both in price action and underlying fundamentals. From topping open interest charts to leading in whale accumulation and network activity, ETH has consistently set the tone for broader market sentiment. Its role as the engine of capital rotation from Bitcoin to altcoins has only reinforced this dominance, making Ethereum the asset to watch as the market enters a new stage.

However, the recent retrace has introduced caution. After surging to new highs, ETH has pulled back to test lower demand levels, sparking fear among traders who worry that momentum may be fading. Despite this, on-chain data suggests that the fundamentals remain firmly intact.

Key insights from Lookonchain reveal that the Bitcoin OG who recently purchased 641,508 ETH, worth $2.94 billion, is back in action. After a brief pause, this whale has resumed accumulation, signaling confidence in Ethereum’s long-term trajectory. For many, such aggressive buying serves as a counterweight to the short-term volatility, highlighting how large players continue to see opportunity even as prices waver.

OG Whale Buying As Ethereum Holds Key Levels

According to Lookonchain, following a two-day break, the whale deposited 1,000 BTC (worth $108.27 million) to Hyperliquid, converting it into ETH spot. This latest move reinforces the trend of aggressive whale accumulation, a factor that continues to support the bullish outlook for Ethereum even as price action shows signs of weakness.

The timing of this accumulation is particularly notable. Ethereum recently retraced sharply after reaching fresh highs, testing critical demand levels that have sparked concern among traders. Some analysts warn that ETH could be vulnerable if these zones fail to hold, with the broader market sentiment leaning bearish. However, the whale’s consistent purchases suggest that major players see the retrace as an opportunity rather than a reversal, adding weight to the argument that fundamentals remain strong.

In this context, the coming weeks will be decisive. If Ethereum manages to consolidate above support and push higher, it would confirm the continuation of the uptrend and validate the whale’s confidence-driven buying. Conversely, failure to hold demand zones could extend the correction. For now, the return of large-scale accumulation highlights that Ethereum’s long-term trajectory remains bullish despite short-term volatility.

ETH Tests Key Demand Level

Ethereum is trading near $4,370 after a 3% daily decline, cooling off from its recent push to highs above $4,750. The daily chart shows ETH consolidating after a steep rally that began in mid-July, when price broke out of a long consolidation phase near $2,700 and surged more than 70% in just a few weeks.

The retrace comes as ETH tests short-term demand. Price remains well above the 50-day moving average at $3,941, which is now serving as dynamic support. The 100-day ($3,244) and 200-day ($2,662) averages are trending upward, confirming that the broader market structure is still bullish. Holding above $4,200 is critical to maintain momentum, as this zone aligns with recent breakout levels and could provide a foundation for the next leg higher.

Resistance remains near $4,750–$4,800, where sellers stepped in during the last rally attempt. A decisive break above this zone would likely open the door to new all-time highs, while failure to hold above $4,200 could trigger a deeper pullback toward $3,900.

Featured image from Dall-E, chart from TradingView