Key Highlights
- A trader already holding $300M+ in ETH borrowed $50M to buy more, sending it to trading firm Wintermute overnight.
- Bit Digital bought $20M in ETH this week, becoming the fourth-largest public corporate ETH holder globally.
- Ethereum trades around $2,006, holding above $2,000 could trigger a push to $2,195; a drop below $1,966 risks a fall to $1,900.
Yesterday a crypto whale who is already sitting on over $300 million worth of Ethereum increased his position again. He borrowed $50 million in USDT from Spark, a lending platform, and wired it straight to Wintermute, one of the biggest trading firms in crypto, to buy even more ETH.
This whale has been trading only Ethereum since late 2023. All this while, he’s made over $100 million in profit as reported by Arkham on social media platform X. So when someone like this puts up $50 million during a rough patch for the market, people pay attention.
Ethereum Price Action
ETH is up about 1.15% in the last 24 hours, trading around $2,006. The reason for the small bounce was that it was “oversold.” Ethereum’s RSI14 reading of 30.94 indicates deeply oversold conditions, inviting a technical rebound.
At the moment, the big question is whether ETH can stay above $2,000. If it does, traders are watching for a push toward $2,065-$2,195. If it slips below $1,966, things could get uglier with a drop toward $1,900 on the cards.
Ethereum faces immediate resistance at its 7-day SMA near $2,070 and the 38.2% Fibonacci retracement level at $2,248.56. The key near-term trigger is Bitcoin’s ability to stem ETF outflows; continued stabilization could support further ETH gains.
The Whale Isn’t Alone
The big individual buyer isn’t the only one loading up on ETH lately. Just a day earlier, Nasdaq-listed company Bit Digital announced it had bought 8,568 ETH for $20 million, bringing its total Ethereum holdings to 158,462 ETH. That puts it ahead of Coinbase as the fourth-largest publicly listed corporate holder of Ethereum.
Their CEO called Ethereum “foundational infrastructure,” basically saying they see it less as a coin to flip and more as something to build on. Bit Digital also extended a delayed-draw term loan to a WhiteFiber subsidiary, secured by Ethereum and structured so Bit Digital keeps ETH exposure while earning financing spread. Bit Digital (BTBT) bought Ethereum to boost NAV per share and pursue AI infrastructure and acquisitions.
Meanwhile, Standard Chartered Bank isn’t backing down from its $4,000 price target for ETH by end of 2026 and $40,000 by the end of 2030. Standard Chartered’s Geoffrey Kendrick reiterated his year-end target and argued network activity remains near record highs, drawing a parallel to Amazon’s post-dot-com crash recovery. According to Ethereum price predictions, the 2026 year-end goal doesn’t seem like an impossible target.
The Not-So-Great News
Above stated situations do not point towards a bullish signal though. Today is May 29, which means roughly $7.5 billion worth of Bitcoin and Ethereum options are expiring. That kind of event can cause short-term price swings in either direction. Ethereum alone has about $1.29 billion in open contracts expiring today.
On top of that, European banking giant UniCredit raised a red flag this week, UniCredit deputy vice chair Elena Carletti warned that Europe lacks tools to contain a crypto-linked banking crisis under the new MiCA regulations. She highlighted that EU deposit insurance is capped far below typical stablecoin reserve accounts, creating a “double weakness” between banks and stablecoins.
The Bigger Picture
A whale spent borrowed money to buy Ethereum, institutions are quietly accumulating, a bank sticking to a $4,000 price target, all of these situations point toward growing confidence in ETH. But there are also regulatory concerns, a nervous derivatives market, and a price that’s still down heavily from its highs.
Ethereum’s story right now isn’t black or white. The price is struggling, but the people with the most money seem to be treating that as an opportunity rather than a warning sign. Whether they’re right is the question the next few weeks will answer.
Also Read: Bitcoin Hits 9-Month Low as ETFs See $1 Billion Outflow in May
