Ethereum Whales Buy 20K ETH for $37.7M From Coinbase Prime

Highlights:

• Ethereum Whales have accumulated 20,000 ETH valued at approximately $37.7 million.
• Abraxas Capital currently holds over $800 million in digital assets after its recent acquisition of 8,452 ETH for $16 million.
• Ethereum’s price has continued to trade below $2,000 despite ongoing accumulations.

As the broader market attempts to recover, Ethereum (ETH) whales have maintained strong faith in the asset, evidenced by consistent ETH accumulation. In an X post on Friday, Lookonchain, an on-chain crypto transaction tracker, reported that two newly created wallets withdrew 20,000 ETH, worth roughly $37.72 million, from Coinbase Prime, a cryptocurrency brokerage platform.

The on-chain transactions tracker added that seven newly created wallets have acquired 89,396 ETH valued at approximately $164.88 million from the brokerage platform over the past three days. Similarly, other digital asset investment firms have also been expanding their Ethereum holdings.

Whales continue accumulating $ETH.

Another 2 newly created wallets withdrew 20,000 $ETH($37.72M) from #CoinbasePrime today.

Over the past 3 days, 7 newly created wallets have withdrawn a total of 89,396 $ETH($164.88M) from #CoinbasePrime.

Wallets:… pic.twitter.com/dwT3gBvBuV

— Lookonchain (@lookonchain) July 17, 2026

Abraxas Capital Digital Assets Holdings Nears $850M

According to Lookonchain, Abraxas Capital added 8,452 ETH valued at approximately $16 million to its Ethereum treasury on July 16. The investment firm acquired the tokens from two of the world’s leading cryptocurrency exchanges, Binance and Bybit.

Aside from accumulating Ethereum, Abraxas Capital has been dumping Bitcoin. Lookonchain had earlier reported that the investment firm deposited 618 BTC valued at approximately $39.99 million into Kraken.

Meanwhile, Arkham Intelligence has shown that the wallet linked to Abraxas Capital currently holds roughly $841.3 million in digital assets. The address holds 8,372 BTC worth $525.78 million at an average cost of $62,803 per token. It also holds 55,924 ETH valued at approximately $102.25 million.

Other valuable assets in the wallet include AETHWETH, WSTETH, WEETH, Tether Gold (XAUT), CBBTC and USDC. These tokens have a combined valuation of about $213.21 million.

Abraxas Capital continues accumulating $ETH.

Over the past 5 hours, Abraxas Capital has withdrawn another 8,452 $ETH($16M) from #Binance and #Bybit.https://t.co/qwAXChjYvp pic.twitter.com/UQukT1hHKW

— Lookonchain (@lookonchain) July 16, 2026

Ethereum’s Price Dips as Whales Buy 20K ETH

At the time of press, the crypto market is 1.2% down in the past 24 hours. It has a market capitalization of about $2.252 trillion and a trading volume of approximately $65.57 billion. Bitcoin’s dominance sits at 55.9%, while Ethereum has a 9.79% market dominance.

Within the same period, Ethereum’s price has dipped 2.9%. The asset is changing hands at approximately $1,828, with a market capitalization of about $220.64 billion and a trading volume of $10.738 billion. In the past week and month, ETH’s price spiked by 3.1% and 2.4%, respectively. However, it has dipped by 47% year-to-date. Etherem’s price is also 63% below its $4,946 all-time high (ATH) attained in August 2025.

On Coincodex, Ethereum supply inflation has tilted towards a negative value (-0.03%). Volatility remains high at 5.38%, while sentiment stays bearish. In addition, the asset’s “Fear & Greed Index points to “Fear” at 27. Ethereum has also outperformed 56% of the top 100 most valuable cryptocurrencies.

Ethereum Set to Enter New Expansion Phase

Tom Lee, the Chairman of BitMine Immersion Technologies, recently shared a bold insight into Ethereum’s future. The chairman stated that Ethereum is entering a very different stage of its growth that could change how people and businesses see the network. He also noted that Ethereum’s first chapter was driven mostly by activity inside the crypto industry. These include initial coin offerings (ICOs), NFTs, decentralized finance (DeFi), spot Ethereum ETFs, and stablecoins.

Going further, Tom Lee noted that the next phase of Ethereum expansion will not be centered only on crypto users. Instead, large financial institutions, tokenized assets, stablecoins, and Layer-2 networks will become integral parts of the anticipated expansion phase.