A whale that had sold 10,829 ETH valued at $24.91 million three days ago re-entered buying 7,448 ETH for $17.5 million at a price of $2,350, according to data published by Lookonchain.
The re-entry occurred approximately 2% above the original exit price, which implies the trader did not interpret the recent move as a ceiling, but rather as an accumulation opportunity. A wallet looking to exit a position does not repurchase within days at a higher price.
Market context is crucial to understanding this trade. Ethereum was under sustained sell pressure following the KelpDAO exploit, which triggered a wave of liquidations and mass withdrawals from Aave, the decentralized lending protocol. Total deposits on Aave fell from approximately $45.8 billion to under $30 billion, dragging ETH’s price toward $2,300 before the market stabilized. That volatility opened both exit and re-entry windows for different trader profiles.
Source: https://x.com/lookonchain/status/2047168916171207105
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