Ethereum Whale Adds 52K After $41M OTC Purchase

Galaxy Digital has facilitated another large over-the-counter (OTC) purchase of Ethereum for a prominent wallet. The wallet, identified as 0x8c585dFECE9d68a09f6a17B46c686E7a126A04b1, acquired 15,000 ETH at $2,751, adding $41.26 million to its position.

The address now controls a total of 52,000 ETH worth $143 million after an earlier purchase of 37,000 ETH at a lower average price two months ago. The blended cost basis for the entire holding is now approximately $2,161, indicating around $31.1 million in floating gains.

Price action on the four-hour chart suggests that Ethereum is trading within its Bollinger Bands, with an upper resistance level at $2,830. The Relative Strength Index (RSI) has reached 70.06, signaling overbought conditions. A retracement toward the EMA50 support at $2,617 appears likely before any potential continuation higher.