A wallet widely believed to be linked to DeFiance Capital has quietly accumulated over $114 million in Ethereum in less than 30 hours on July 27, according to on-chain data. The purchase, totaling 30,366 ETH, was first flagged by blockchain analytics firm Lookonchain and comes at a time when most of the market is retreating.
Institutional Accumulation
While retail investors have mostly been selling during the recent dip, institutions seem to be quietly buying ahead of potential ETF approvals. Ethereum ETFs have seen a steady rise in inflows over the past few weeks, even though overall spot trading activity is still low.
Data from CoinGlass shows consistent net inflows into these ETFs throughout July, a sign that institutional interest hasn’t faded.
Ethereum Net Inflow
Source: Coinglass
The accumulation stands out not just for its scale but for its timing. Ethereum’s price has remained under pressure, and retail sentiment has turned bearish. But a number of large holders are positioning as though they expect that to change.
One of the more aggressive traders in the market right now is someone known as TheWhiteWhaleHL, who’s holding a long position of 48,405 ETH, worth around $181 million.
Despite recent market swings and liquidations, the trader hasn’t backed off. In fact, instead of cutting the position, they’ve been adding to it, with unrealized gains now sitting at roughly $33 million.
The derivatives market reflects a similar story. According to data from CryptoQuant, Ethereum futures volume is climbing, and leverage is rising. Meanwhile, spot markets are still showing signs of sustained selling.
Data shows more aggressive selling from market participants, with the 30-day cumulative volume skewed heavily toward taker sell orders — a sign that bearish sentiment is still playing out.
As for the wallet behind the $114 million ETH purchase, tagged 0xF436, there’s no official confirmation linking it to DeFiance Capital. There’s no formal link yet, but the wallet’s activity looks a lot like DeFiance Capital’s usual playbook, from the timing to the size of the trades. The firm has a history of buying ETH during downturns, often stepping in when most others are selling.
Now, their shift is drawing attention. ETH hasn’t moved much this July and has underperformed the broader market, but growing interest from leveraged traders, ETF inflows, and large wallets suggests some institutional investors might be quietly positioning for a possible price move.