Whales scoop 53,120 ETH in back-to-back dip buys near $1,700

Two large ETH holders made aggressive accumulation moves within hours of each other as Ethereum traded near multi-month lows. The group known as 7 Siblings purchased 32,919 ETH for roughly $58 million at an average of $1,762, a position now sitting on an unrealised loss of approximately $2.8 million as the price slipped further.

Why it matters

The second move is the more structurally interesting one: wallet 0x466a deposited 20,000 ETH into Aave, borrowed $34 million in USDT against it, and used those proceeds to buy an additional 20,201 ETH at $1,683 — a leveraged long that doubles down on the same thesis without selling the original stack. Together, the two actors absorbed over 53,000 ETH in under 24 hours.

Market impact

Leveraged Aave positions of this size are a double-edged signal. On the bullish side, they reflect conviction that ETH is undervalued at current levels and that the dip is a buying opportunity rather than the start of a deeper trend. On the risk side, a sustained move lower would push 0x466a's collateral ratio toward liquidation territory, which could add sell pressure at exactly the wrong moment. Traders watching ETH's next leg should monitor Aave liquidation thresholds around the $1,600–$1,650 range.