A major institutional investor demonstrated significant conviction in Ethereum (ETH) during recent market weakness, purchasing substantial amounts of the cryptocurrency via over-the-counter (OTC) transactions despite incurring an unrealized loss.
According to verified transaction data, the investor acquired a total of 132,535 ETH, valued at approximately $3.34 billion, over an 11-day period. These large-scale purchases were facilitated through platforms including established players Wintermute and Coinbase.
An especially concentrated buying spree occurred over three days during the market dip, where the investor secured 47,070 ETH. This specific tranche, costing roughly $2,400 per ETH on average, represented an investment of approximately 1.13 billion USDC.
The timing of these acquisitions has resulted in a current unrealized loss for the investor estimated at $36.68 million, reflecting an 11% drawdown on their position.
This aggressive accumulation during a price downturn underscores continued institutional interest in Ethereum assets. The use of OTC desks highlights a strategic approach to executing massive orders efficiently while navigating market volatility.