The broader crypto market outlook remains subdued due to macro uncertainty, but large Ethereum investors are using the downturn to accumulate substantial holdings.

On-chain data reveals a series of major purchases by institutional-scale investors, as Ethereum forms a local bottom, potentially ending the market selloff that began in late October.

A newly created wallet bought 10,000 ETH worth roughly $34 million last Wednesday, as Ethereum formed a local bottom around $3,200. The same entity then purchased another 10,000 ETH yesterday, bringing its total holdings to $70 million, per Arkham Intelligence data.

Separately, another whale acquired 24,007 ETH, worth over $82 million, via Galaxy Digital’s over-the-counter (OTC) desk, according to Etherscan data.

The most significant purchase, however, came from a large investor who bought nearly 58,811 AaveETH, worth $206 million, on Wednesday.

The activity suggests large players are viewing current price levels as a strategic buying opportunity.

“The size and speed—OTC fills and exchange withdrawals—suggest institutional participants or treasury buyers rather than retail,” Rachel Lin, CEO and Co-Founder of SynFutures, told Decrypt.

These buyers are likely positioning for medium-term upside, Lin explained, tolerating near-term volatility in anticipation of catalysts such as policy easing or institutional product flows.

“Accumulation can continue if macro tail-risks don’t re-spike,” Lin noted, though she emphasized that macroeconomic conditions remain a “gating factor.”

Other catalysts beyond the upcoming Fusaka upgrade are already in play, including institutional OTC demand and “derivatives funding and borrow-to-buy behavior—when whales borrow stablecoins to buy spot, it amplifies rallies,” according to Lin.

Ethereum has recovered approximately 10% from its recent low and is currently trading around $3,533, according to CoinGecko data.

On prediction market Myriad, launched by Decrypt‘s parent company Dastan, users place a 69% chance on Ethereum’s next move taking it to $4,000 rather than $2,500.