Unknown Buyer Accumulates $946.6 Million in ETH Across Six New Wallets

An unknown institution bought 221,166 ETH worth $946.6 million over seven days, including $212 million in the past 24 hours, on-chain tracker Lookonchain reported.

The buyer used six newly created wallets to acquire the Ether from Galaxy Digital, FalconX and BitGo between August 5 and August 11. On August 11 alone, the entity added another 49,533 ETH to their holdings.

The largest wallet contains about $181 million in ETH, while the smallest holds around $128 million. Lookonchain data shows the pattern started with new wallet creation and inflows totaling 171,015 ETH over four days before reaching the 221,000-ETH threshold.

The purchases happened as Ethereum’s price climbed roughly 21% during the week and broke above $4,000 on Monday. At the time of publication, ETH traded around $4,250. During the buying period, Ethereum’s market cap reached approximately $523 billion on August 11, surpassing Mastercard’s roughly $519 billion market value.

Galaxy Digital, FalconX and BitGo are firms that handle large over-the-counter transfers and institutional custody services. These companies typically facilitate major purchases away from public exchanges to reduce market impact.

The institutional custody firms involved handle billions in digital assets. Galaxy Digital operates as both a trading desk and a custody provider. FalconX specializes in institutional crypto trading services. BitGo focuses on digital asset custody and security solutions for institutions.

The buyer’s identity remains unknown. While on-chain data can track receiving wallets and counterparties, it cannot reveal the actual purchaser or funding source.

Other large holders also remained active during this period. Whale tracking services reported additional significant transfers, though none matched the scale of the $946 million accumulation.

The purchase pattern matches previous instances when large entities build positions. The concentration across multiple new wallets and sourcing from institutional service providers follows typical institutional buying behavior.

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