Ethereum whales have seized the opportunity to buy the dip as ETH crashed to its lowest level since 2023.

In just 12 hours, these deep-pocketed investors poured about $60 million into the second-largest cryptocurrency by market cap, despite it plunging over 17% in a single day.

Whales Dive In as ETH Hits Years Low

Data shared by on-chain analytics platform Spot On Chain shows the mysterious group known as “7 Siblings” leading the charge. They spent a hefty $42.66 million to buy 25,100 ETH at an average of $1,700. The group then quickly deposited the full amount into the Aave lending platform, possibly to earn yield or borrow against the assets.

Another wallet, identified as “0x709,” borrowed 8.25 million DAI from Spark protocol to snap up 5,227 ETH at around $1,578 each. This whale also received 6,924 ETH from the Railgun privacy platform, with the stash worth about $11 million, raising speculation on their next move.

Not to be left behind, a third address, “0x5f1,” deployed $8.13 million in DAI to grab nearly 5,000 ETH at an average price of $1,631.

The buying spree marks an opportunistic push from large holders probably betting on a rebound, given that it comes at a time when the price of Ethereum is struggling to recover from one of its worst-ever quarters. It lost more than 45% of its value in the first three months of 2025. Their moves may suggest they see current prices as a long-term bargain, especially with ETH down nearly 56% from a year ago.

Market Turbulence and Mixed Sentiment

At the time of writing, the asset had dropped 17.1% in 24 hours, dragging its value down to levels not seen since March 2023.

Over the past seven days, ETH dipped 16.6%, underperforming the broader crypto market which lost slightly more than 9% in that timeframe. Additionally, against Bitcoin, ETH/BTC has hit its lowest ratio since February 2020, standing at 0.01959.

The network is also facing multiple challenges, including declining fee revenue, stiff competition from Solana, especially in the meme coin space, as well as lacklustre institutional interest compared to Bitcoin.

It has led some industry observers like Lekker Capital’s Quinn Thompson to sound Ethereum’s death knell, recently describing the asset as “completely dead” as an investment. However, Standard Chartered remains bullish, predicting the crypto asset could hit $10,000 by 2029 despite its current woes.