Ethereum Whales Split on Strategy as ETH Slides Over 2%

Ethereum (ETH) has erased nearly all of its weekend gains. While the initial recovery fueled optimism, renewed macroeconomic pressure has pushed prices lower again.

The second-largest cryptocurrency slipped below the $2,200 level yesterday. Over the past 24 hours, ETH has declined by 2.2%. According to BeInCrypto Markets data, the altcoin was trading at $2,146 at press time.

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On-chain data reveals a sharp split among large holders: some are buying, while others are rushing to exit. On-chain analytics firm Lookonchain reported that a whale spent 36.75 million USDT to purchase 17,084 ETH. The latest move follows the whale’s acquisition of 50,706 ETH earlier this week.

The post added that according to Arkham Intelligence labels, this wallet may be linked to ShapeShift founder Erik Voorhees. 

“While tracking, the $ETH was received from ShapeShift 10 years ago and sold just a year ago. There are now a total of 5 addresses that have bought 103,352 $ETH worth $224.38M since March 10, 2026,” OnChain Lens revealed.

Lookonchain previously noted that two wallets tied to Voorhees had accumulated 23,393 ETH, worth approximately $49.08 million. Other large holders also moved ETH off exchanges.

“0xEb2a withdrew another 2,004 $ETH($4.24M) from Binance 7 hours ago, and now holds 37,468 $ETH($80.3M). 0xC551 withdrew another 2,150 $ETH($4.63M) from Kraken 3 hours ago, and now holds 6,683 $ETH($14.33M),” Lookonchain posted.

Not all large holders share the same conviction. An early Ethereum builder who purchased 7,769 ETH earlier this week at an average price of $2,248, spending $17.46 million, reversed course. Lookonchain highlighted that the wallet sold 5,571 ETH at an average of $2,111, locking in a $760,000 loss.

Meanwhile, the “UXLINK Exploiter” also sold 5,496 ETH at an average price of $2,150, collecting $11.82 million DAI and netting a $935,000 profit.

“UXLINK got hit on September 22, 2025, when attackers took over its multisig wallet, draining more than $44M in the process,” OnChain Lens reported.

The contrasting whale behavior reflects broader market uncertainty. 

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