Ethereum Breaks Above $2,700 as Whale Activity Accelerates
Ethereum pushed above the $2,700 level as large-wallet activity intensified across the market. The move came alongside two major ETH transactions involving a combined $106.4 million, with one whale moving heavily out of Bitcoin and another returning to Ethereum after previously taking profits.
According to on-chain tracker Lookonchain, one whale sold 1,107 BTC worth approximately $86.76 million on Hyperliquid over five days and used the proceeds to acquire 34,422 ETH worth about $86.5 million. The entire ETH position was then staked, meaning the newly acquired coins were not simply left liquid for an immediate sale.
Lookonchain Ethereum whale tracking
The size and structure of the transaction make it notable because the whale effectively shifted a large position from Bitcoin into Ethereum while committing the purchased ETH to staking. That does not prove the whale's future intentions, but the staking action means the entire 34,422 ETH position was moved into Ethereum's staking system rather than remaining readily available in the wallet.
Whale Adds to an Earlier Bitcoin-to-Ethereum Rotation
The latest transaction follows activity first identified around Sept. 18. At that time, trackers identified 11 newly created wallets believed to be controlled by the same entity. Those wallets had sold approximately 602 BTC for 18,780 ETH over three days.
Since then, the reported activity expanded by roughly 505 BTC in additional selling and 15,642 ETH in additional purchases. Taken together with the latest transactions, the activity points to a much larger movement of capital between the two largest crypto assets.
Lookonchain's original whale update on X
The staking component is particularly important when describing the transaction. Staked ETH is committed to Ethereum's proof-of-stake network, so it is different from ETH sitting on an exchange account that could immediately be sold. However, the transaction itself should not be treated as proof that the whale expects ETH to rise.
This is also not the only large Bitcoin-to-Ethereum rotation reported during September. A separate wallet previously sold 866 BTC for 26,924 ETH, according to the source material, adding another example of significant capital moving from BTC into ETH.
Second Wallet Returns to ETH After Taking Profit
A separate wallet identified as 0x4cee has also been making large ETH transactions, although its activity follows a different pattern.
On July 21, the wallet sent 20 million USDC to Binance and subsequently received 10,501 ETH at an average price of roughly $1,904. About a month later, on Aug. 21, the wallet sold 10,500 ETH at an average price of $2,252, generating a reported profit of approximately $3.66 million.
The wallet then returned to the market on Sept. 21, sending 7,567 ETH worth approximately $19.93 million back to its wallet.
View the 7,567 ETH transaction on Blockscout
Blockscout records show three genuine USDC transfers to the wallet's usual Binance deposit address during the latest activity: a $2 million test transaction, followed by $18 million and then $12.17 million.
That puts the visible transfers at approximately $32.17 million, below the $40 million figure circulating on social media. The transaction history also leaves roughly $12 million of the reported funds unaccounted for onchain, meaning the source material suggests some funds could still be held on Binance for additional purchases. This possibility cannot be confirmed from the visible blockchain transactions alone.
View the 0x4cee wallet on Blockscout
The wallet balance shown by Blockscout was approximately 7,568 ETH at the time referenced by the report.
Fake Transfers Highlight Address-Poisoning Risk
The same wallet also became the target of a wave of fake blockchain transfers shortly after the legitimate USDC transactions.
More than two dozen look-alike token contracts appeared in the wallet's transaction history, using fake versions of USDC and ETH and characters designed to make the token symbols resemble genuine assets. Some of the transactions also copied the same amounts as the legitimate transfers, including figures close to $18 million and $12.17 million.
Example of a spoofed transfer on Blockscout
This technique is known as address poisoning. The attacker creates transactions that make a malicious address look similar to an address the victim regularly uses. The goal is to trick the wallet owner into copying the wrong address during a later transfer.
In this case, however, the legitimate transactions were sent to the correct Binance deposit address. The fake transfers therefore did not appear to divert the actual funds described in the report.
ETH Reclaims the $2,700 Level
The whale activity comes as Ethereum's price rebounds sharply from the levels seen earlier in September. ETH moved above $2,700, returning to a price area that the supplied report identified as the highest level since Jan. 31.
Independent market data also recorded Ethereum trading above $2,700 during Sept. 21, confirming that the level was reached during the session.
The move follows ETH's earlier recovery through $2,600 after the Sept. 11 U.S. CPI release, according to the source material. Bitcoin also moved higher during the same period, with the broader crypto market advancing alongside the two largest assets.
Ethereum official website
The combination of rising ETH prices and large whale transactions has therefore put Ethereum back in focus. Still, the blockchain data only shows what these wallets actually did. It does not establish why the whales made the trades or whether other market participants will follow them.
For investors and traders watching Ethereum, the key developments are the return above $2,700, the reported $86.5 million BTC-to-ETH rotation, the separate $19.93 million ETH purchase, and the continued onchain activity surrounding large holders.
