A wallet tracked by on-chain analytics firm Lookonchain has continued an aggressive Ethereum buying spree, purchasing another 50,000 ETH worth roughly $93.6 million two hours before the report and immediately staking the tokens. The same address bought 40,000 ETH worth about $76.66 million just a week earlier, bringing its recent accumulation to 90,000 ETH, worth over $170 million combined, in a matter of days.
Staking the tokens immediately after purchase — rather than holding them liquid — signals an intent to lock up the position for yield rather than trade around near-term price swings, a pattern that removes supply from circulation for as long as the stake remains active.
Part of a Broader Staking Wave
The purchase lands amid a wider trend of large holders pulling ETH off exchanges and into staking. Total staked ETH climbed to a record 40.2 million ETH in the second quarter, roughly 33% of total supply and worth more than $63 billion, and at least one other whale has separately moved 112,000 ETH, worth about $208 million, off exchanges and into staking over a three-week stretch. Wallet-level activity like this is visible in real time through Arkham's blockchain explorer.
Reading the Signal
Large, immediate staking commitments after a purchase are typically read as a bullish, longer-horizon bet rather than short-term positioning, since staked ETH carries withdrawal delays that make it a less liquid, less easily reversed trade. Whether this particular wallet is a fund, an early holder redeploying capital, or something else isn't disclosed on-chain, but the size and timing of the two purchases point to conviction building at a specific address rather than passive accumulation.
Related: USDT Supply Shrinks $4B in 60 Days as Tether's Market Cap Nears $183B
Context for ETH's Recent Price Action
The buying comes as Ethereum ETFs have also drawn fresh inflows in recent days, adding institutional demand on top of whale-level accumulation. Large, staking-bound purchases like this one tend to matter more for supply dynamics over months than for immediate price action, but they add to a growing list of signals suggesting some large holders are positioning for a longer hold rather than a quick flip.
