Mystery Whale Bets Big On Ethereum Dip

An anonymous wallet created just hours before executing its first transaction pulled 17,675 $ETH, worth approximately $28.58 million, off Binance in a single move on June 25, according to on-chain analytics platform Lookonchain. The wallet, identified by the prefix 0xA708, had no prior history before the withdrawal.

Fresh Wallet, High-Conviction Move

Newly created wallets executing transactions of this size are typically read as a new participant entering a position with strong directional conviction. Withdrawals of this scale from a centralized exchange are widely interpreted as a bullish signal, since moving coins off a trading venue into self-custody generally indicates an intent to hold rather than sell. Assets parked on an exchange are far more readily available for liquidation, so the transfer away from Binance removes that optionality.

The move does not stand alone. Also on June 25, a separate dormant wallet known as 0x096, inactive for seven years, sold 27,585 $ETH for $44.84 million in USDS at an average price near $1,625, per Onchain Lens. That seller still locked in an estimated $39.1 million in profit, a sign of just how low the entry point was for early holders.

ETH Under Pressure, But Whales Keep Buying

The timing of the 0xA708 withdrawal comes as Ethereum continues to trade well below its 2025 all-time high. ETH is currently trading near the lower end of its recent range after failing to reclaim the critical $1,750 resistance zone, a level that previously acted as support earlier this year.

The 0xA708 move is part of a broader pattern of large-holder accumulation during the downturn. On June 24, a wallet linked to venture capital firm a16z withdrew 25,560 $ETH worth approximately $42.6 million from Binance, according to Coinpedia, with exchange withdrawals of that size widely viewed as a signal of long-term positioning rather than short-term speculation. Separately, Blockonomi reported that Santiment data showed the largest whale addresses controlling between 10 million and 100 million ETH have expanded their holdings to approximately 135.2 million ETH.

Whether the 0xA708 wallet represents a seasoned participant using a fresh address or a genuinely new buyer entering the market, the size and structure of the move points to someone who sees current prices as an opportunity rather than a risk.

Sources:
Coinpedia: Ethereum Price Prediction: Can Whale Buying Offset ETF Outflows?
Blockonomi: Ethereum Price Could Plunge 30% Despite Whale Accumulation of Millions