Whales continued buying ETH through OTC and open market deals.

Notable whale wallets are loading up on ETH again, as the token consolidated above $3,700. Some of the deals were made on the open market, showing real demand for available tokens. 

The past day saw several notable ETH purchases as the token consolidated above $3,700. The accumulation by notable whales is added to the overall trend of more ETH shifting to accumulation addresses. 

The buying in the last 24 hours came from anonymous whales setting up new wallets. Trump’s World Liberty Fi also added to the buying, achieving net gains despite buying at a higher average price.

The additional buying resumed as ETH was trading at $3,711.34, with 11.2% market dominance. ETH remains closely watched as the potential driver of a larger altcoin rally. 

ETH flows to accumulation wallets are still vertical

Over 22M ETH has been accumulated in dedicated wallets, in addition to the staking and other locking mechanisms. While the ETH supply is still large, the token may be going through a short-term supply crunch, as whales scramble to secure more tokens ahead of corporations and ETF. 

Since May, over 7M ETH were added to accumulation addresses, which hold a balance and do not move it. The last two months led to accelerated accumulation, after years of seeing ETH as expendable. As of July, ETH activity increased, with close to 600K daily active unique addresses. 

ETH has been included in fully regulated products and markets, but holding the actual tokens opens multiple tools for decentralized activities. ETH has turned into a network for whales, with sufficient liquidity in lending and expanding stablecoin supply. 

Two new whales accumulate through OTC and exchanges

Two new whale wallets were created in the past week, accumulating a total of over $240M in ETH. The first whale struck an OTC deal for 32,640 ETH, resorting to the reserves of Galaxy Digital. 

Newly created wallet 0x3dF3 just bought another 32,640 $ETH($122.18M) through OTC, for a total of 43,787 $ETH($163M) in the past 4 days.https://t.co/rZZdoV7NJi pic.twitter.com/M8GrYeNiSm

— Lookonchain (@lookonchain) July 23, 2025

Galaxy Digital itself expanded its ETH reserves to 71M in the past days, though whales immediately bought up 10M. 

The other whale wallet used FalconX to store 105,977 ETH, achieving the accumulation within four days. 

The whale buying continued even after Wintermute announced its OTC desk was virtually depleted. Currently, the market maker expanded its reserves slightly, still holding only 12.71K ETH, insufficient for even one whale purchase. 

World Liberty Fi continues ETH accumulation

World Liberty Fi remains an ETH supporter, in addition to its multi-chain strategy. Trump’s fund added 3,473 ETH valued at $13M. 

The fund is buying ETH through a new address, flagged by Arkham as most probably belonging to World Liberty Fi. Trump’s fund is using its ETH actively, recently sending 1,000 tokens to Aave V3. 

The recent purchase follows the vote to make the WLFI token transferable and tradable. World Liberty Fi announced it will work on partnerships and infrastructure, to secure liquidity and trading pairs for the token. Owning ETH may boost the potential of World Liberty Fi to build its own Aave lending vault.

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