Bullish Divergence? $300M Whale Purchase Defies ETH’s 10% Weekly Selloff

Ether Drops 10% on the Week, but $300M Whale Buy Signals Confidence Amid Market Jitters

Ether (ETH) ended the week down nearly 10%, snapping a five-week winning streak as renewed macroeconomic uncertainty weighed on broader crypto markets. Still, a major on-chain transaction suggests at least one large investor sees the pullback as a buying opportunity—not a warning sign.

According to CoinDesk data, ETH slipped below $3,400 at its weekly low, dragged lower by risk-off sentiment fueled by a stronger U.S. dollar and disappointing jobs data. The decline mirrored losses across tech and high-beta assets, with traders appearing to de-risk positions heading into August.

But while price action turned bearish, on-chain data from Arkham Intelligence flagged an unusually large accumulation. A single wallet scooped up approximately $300 million worth of ETH during the drop, signaling what could be a bullish divergence—a scenario where large-scale accumulation occurs even as price trends lower.

“This kind of whale activity typically reflects a longer-term outlook,” said one analyst. “It’s less about short-term price swings and more about positioning ahead of a possible rebound.”

Bitcoin (BTC) held up better by comparison, falling just 4.5% on the week. That relative strength has been supported by recent options market data, which shows growing institutional preference for BTC over ETH in the short term.

Still, the scale of ETH accumulation may challenge that view. The move suggests at least some players are using the dip to build size—likely anticipating a reversal in coming weeks.

Whether ETH can reclaim momentum or continues to lag BTC remains to be seen, but the whale’s conviction is now a data point traders can’t ignore.