On-chain data reveals a major investor, reportedly linked to ShapeShift founder Erik Voorhees, has deployed approximately $260 million to acquire over 120,000 ETH in a steady accumulation strategy over two weeks. This significant buying activity, occurring as Ethereum’s price dips, signals strong confidence from large holders. Meanwhile, retail investor activity remains low, and Ethereum ETFs have seen recent outflows, painting a complex picture of current market sentiment.
Recent on-chain data indicates large investors are building substantial positions in Ethereum. Over the past two weeks, a major whale reportedly linked to Erik Voorhees, Founder of ShapeShift, deployed nearly $260 million in USDT to accumulate more than 120,000 ETH.
This pattern points to a steady accumulation strategy, not a one-time trade. The whale’s average buying price stands around $2,162, which now acts as a key support level for the market.
Such moves signal strong confidence that Ethereum may be nearing its bottom. This accumulation is happening even as ETH trades lower, showing a divergence between short-term price action and long-term investor sentiment.
Data from CryptoQuant shows retail activity is currently relatively low. Historically, smaller investors tend to buy when prices are already high, driven by FOMO.
Interestingly, while this whale has been aggressively buying, ETFs have been seeing money flow out. A closer look reveals large whales are steadily increasing holdings while mid-sized investors appear to be selling.
According to on-chain analysis, this whale activity intensified on March 20th. However, the narrative shifted when Voorhees publicly denied any involvement.
Erik Voorhees stated, I did not buy any eth and those tracking sites are a scam. This denial creates uncertainty about the wallet’s true owner and the nature of the accumulation.
