Crypto Whale Acquires $111.6M Worth of Ethereum After 7-Month Inactivity

Highlights:

• Crypto whale has resurfaced after months of inactivity and purchased $111.6 million worth of Ethereum tokens.
• The crypto investor spent an average of $2,201 per ETH token as he capitalizes on ETH’s recent dip.
• Ethereum has dropped by 7% and trades around the $2,100 price region.

According to the renowned on-chain crypto transactions tracker, Lookonchain, a mysterious Ethereum (ETH) whale investor has resurfaced after staying dormant for 7 months. In a recent X post, Lookonchain reported that this whale investor spent $111.62 million in USDT to purchase 50,706 Ethereum tokens at an average cost of $2,201 per ETH. The on-chain transactions tracker added that a year ago, the investor sold 28,683 ETH for $11.62 million at $3,892 per token. 

A mysterious whale returned after 7 months of inactivity and spent 111.62M $USDT to buy back 50,706 $ETH at an average price of $2,201.

1 year ago, this whale sold 28,683 $ETH at an average price of $3,892 for 111.62M $USDT.

What a perfect buy-low-sell-high move!… pic.twitter.com/3F56jkgr2y

— Lookonchain (@lookonchain) March 19, 2026

Whale Investor Executes a Perfect Buy-Low-Sell-High Strategy

Overall, the investor was able to buy almost twice the amount of tokens he sold in 2025 with the same capital. He also made over 70% in profits. Lookonchain identified two wallets linked to the whale investor. The first one is worth approximately $60.5 million. It holds 27,714 ETH tokens as the only dominant asset. Other assets in this wallet are SKYA and TUSD, worth less than $1. 

The second wallet, labelled “Erik Voorhees?” by Arkham Intelligence, holds $50.2 million in digital assets. Ethereum accounts for nearly 100% of the assets in this second wallet, while the valuation of the other assets is less than $20. Other digital assets in the second wallet include USEU, FLOKI, SKYA, TUSD, and USDT. 

On 16 March, Crypto2Community reported that Erik Voorhess, one of the earliest Bitcoin supporters and the founder of ShapeShift, was accumulating ETH after a year of inactivity. According to the report, the ShapeShift founder acquired 23,393 ETH, valued at $49.08 million at an average cost of $2,098 per token. He still holds about $35.2 million in USDT, which might be used to fund more ETH purchases. Erik also sold 12,886 ETH for $42.93 million at $3,324 per token. His investment approach was very close to another perfectly executed buy-low-sell-high strategy.

Ethereum’s Price Dips Significantly as Whale Acquires $111.6M Worth of ETH Tokens

At the time of press, the crypto market has dipped 4.9% in the past 24 hours. Trading volume was $117.66 billion, while market cap sat at $2.486 trillion. Within the same timeframe, ETH dropped by 7%, changing hands at $2,155, with a market cap of roughly $260 billion and a trading volume of $26.4 billion. Extended-period variables indicated that ETH surged 6.2% week-to-date and 8.8% month-to-date, suggesting that the current dip might be short-lived.

On Coincodex, ETH’s supply inflation was low at 0.08%, and volatility was high at 5.31%, while sentiment remained bearish. Notably, its “Fear $ Greed Index” reflected fear at 26. ETH is also trading below its 200-day Simple Moving Average (SMA), with only 14 profitable days in the past 30 days.

Individuals and Companies Continue to Stake and Acquire ETH Despite Its Recent Price Decline

Reports show that SharpLink, an Ethereum-focused investment firm, has generated 15,464 ETH worth roughly $36 million in cumulative staking rewards after launching its Ethereum treasury strategy in May 2025. Last week alone, the company generated 493 ETH worth over $1.1 million with compounding rewards that have automatically expanded the company’s treasury every week.

🚨JUST IN: SHARPLINK CROSSES $36M IN CUMULATIVE ETH STAKING REWARDS@SharpLink has generated 15,464 $ETH worth approximately $36M in cumulative staking rewards since launching its Ethereum treasury strategy.

Last week alone, the company generated 493 $ETH, worth over $1.1M,… pic.twitter.com/18OSipkZfU

— BSCN (@BSCNews) March 17, 2026

Grayscale Ethereum Mini Trust has also been staking Ethereum. On 18 March, Lookonchain reported that the asset management firm staked another 19,200 ETH worth $44.6 million. Before then, the company had initially staked 57,600 ETH worth $12.6 million on 14 March. This investment approach suggests a shift from passive holding to yield focussed institutional strategy.

Grayscale(Ethereum Mini Trust) staked another 19,200 $ETH($44.6M) 9 hours ago.https://t.co/Ip4zFxWPxc pic.twitter.com/uKt0WjKco6

— Lookonchain (@lookonchain) March 18, 2026