Ethereum Whales Accumulate $35.9 Million in ETH Amid Market Consolidation

Two anonymous Ethereum whale addresses have collectively swapped $35.9 million in DAI for 18,030 ETH, according to blockchain analytics firm EmberCN.

The transaction was executed at an average price of $1,988 per Ether, signaling continued large-scale accumulation by unidentified high-net-worth investors.

The use of DAI suggests the buyers converted existing stable holdings into Ethereum rather than sourcing fresh capital from exchanges.

This pattern often indicates long-term positioning rather than short-term speculative trading.

Ethereum's total supply dynamics also factor into the analysis, as the network's transition to proof-of-stake in 2022 introduced a fee-burning mechanism that periodically reduces net supply.