Key takeaways:

  • An Ethereum whale accumulated $39 million in ETH during a sharp market sell-off triggered by US airstrikes on Iran.

  • Ethereum mega-whales added over 116,000 ETH on June 21, signaling strong buy-the-dip sentiment.

  • Technical patterns suggest ETH could rebound 25% toward $2,735 in the short term.

A high net worth Ethereum trader has accumulated tens of millions of dollars worth of Ether ( ETH ), defying a broader market downturn triggered by escalating Middle East tensions and fresh signs of risk aversion.

Ether’s sharp drop fails to terrify whales

The wallet address 0x7355...213 purchased roughly 9,400 ETH (~$39 million) across two major tranches on June 22, boosting its total Ether holdings to $330 million.

Ethereum whale stacks $39M despite ETH falling harder than Bitcoin image 0 Source: CryptoGoos

Its buying occurred even as Ether emerged as one of the worst-performing top cryptocurrencies over the past 24 hours.

ETH’s price fell by approximately 12.80% in the past 24 hours to reach as low as $2,155. It underperformed the top-ranking crypto, Bitcoin ( BTC ), which lost around 4.70% in the same period.

Ethereum whale stacks $39M despite ETH falling harder than Bitcoin image 1 ETH/USD vs. BTC/USD four-hour price chart comparison. Source: TradingView

The downside move came as markets digested reports of a direct US military strike on Iran , marking a major escalation in the ongoing Israel–Iran conflict, which began with Israel’s “Operation Rising Lion” on June 13.

The whale actively accumulated ETH and deployed it through Lido’s liquid staking protocol despite the bearish backdrop.

Related: Staked Ether hits record high driven by corporate crypto treasury adoption: Finance Redefined

The timing and scale of the purchases suggest that the whale views the sell-off as a long-term “ buy the dip ” opportunity rather than a cause for panic.

Glassnode’s data tracking the broader whale holding patterns suggests a similar upside sentiment.

Ethereum wallets holding 10,000 ETH or more increased their net positions both on the day the US launched airstrikes on Iran and in the days leading up to it.

Ethereum whale stacks $39M despite ETH falling harder than Bitcoin image 2 Ethereum mega-whale net position change (10k+). Source: Glassnode

On June 21, these mega-whales scooped up over 116,893 ETH worth $265.30 million, suggesting they viewed the decline as a buying opportunity, not a trigger to exit.

Ethereum is eyeing a 25% bounce

Ether is holding above a key ascending trendline that may lead to a strong bounce in the coming days, according to market analyst Sensei .

Ethereum whale stacks $39M despite ETH falling harder than Bitcoin image 3 ETH/USD daily price chart. Source: TradingView/Sensei

A bounce from the same support level led to a 55% rally in April-May 2025. If the pattern plays out, ETH could rebound toward the $2,735 resistance level in the short term, up about 25% from the current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.