Ethereum Updates: Major Whale Amasses $140M in ETH Despite ETF Withdrawals, Igniting Market Discussion

A prominent

(ETH) whale, previously recognized for shorting 66,000 ETH via borrowing, has ramped up its accumulation efforts by moving 44,000 ETH—valued at $140.2 million—into Binance and V3. This whale’s recent maneuvers, , reflect a strong leveraged bet on Ethereum’s price recovery amid ongoing market turbulence.

Known as "66kETHBorrow," the whale has accumulated 385,718 ETH (worth $1.33 billion) since early November,

. Recent activity includes borrowing $120 million in from Aave and sending it to Binance, a transaction . This comes after a previous purchase of 39,658 ETH ($125.09 million) from Binance, which was . The whale’s Aave account maintains a health rate above 2.0, suggesting there is enough collateral to avoid liquidation despite the high leverage.

Experts are split on the significance of these moves. Some interpret the strategy as a confident wager on Ethereum’s long-term strength, with crypto analyst Joe @SelfSuccessSaga describing it as “4D chess”—alluding to highly sophisticated trading strategies. Others highlight the dangers of heavy leverage, joking that the whale is “speedrunning liquidation mode.” These actions stand in contrast to recent ETF outflows, which

on November 12, causing Ethereum’s price to drop to $3,416.

The market’s response to the whale’s activity has been mixed. While ETH’s price has steadied near $3,480, some traders believe ongoing accumulation could trigger a short-term price surge. On-chain data from CryptoQuant indicates

, pointing to continued whale involvement, though retail investor activity is still muted. The gap between institutional selling and whale buying has left traders unsure about ETH’s immediate trajectory.

The whale’s upcoming actions may determine if this accumulation sparks a broader market recovery. Should the $120 million USDT recently moved to Binance be used to buy more ETH,

, ($1.7 billion), further strengthening the whale’s impact on Ethereum’s price movement. Still, without a turnaround in institutional investment, as short-term fades.