Ethereum traded above $2,700 for the first time since January 31, driven by substantial purchases from two major investors who committed a combined $106.4 million to ETH over five days.
Large-Scale Bitcoin-to-Ethereum Conversion
A whale on Hyperliquid converted 1,107 BTC worth $86.76 million into 34,422 ETH worth $86.5 million over five days and staked the entire amount, according to onchain analytics. This represents an escalation from September 18, when the same entity sold 602 BTC for 18,780 ETH across three days using 11 newly created wallets.
The staking of purchased ethereum suggests a medium-term investment position, as coins held by validators remain removed from exchange selling pressure.
Second Investor's Recent Activity
A separate trader identified as 0x4cee made smaller but more frequent moves. On September 21, the wallet transferred $32.17 million USDC to Binance and received 7,567 ETH in return. This purchase follows an August sale of 10,500 ETH at an average price of $2,252, which generated a $3.66 million profit.
Blockscout data confirmed three genuine USDC transfers totaling $32.17 million, though approximately $12 million of the deposit remained unaccounted for onchain.
Address Poisoning Attempts
Within minutes of the legitimate deposits, more than two dozen fraudulent token contracts appeared in the wallet's transaction history using spoofed ticker names and copied addresses. The scam, known as address poisoning, attempts to trick users into sending funds to malicious addresses. All real transfers in this instance reached their intended destination.
Market Context
Ethereum was trading near $2,738 at the time of reporting, up approximately 6 percent over 24 hours and 11 percent over 30 days. Spot ethereum ETFs experienced outflows of $140 million in the week ending September 18, indicating that whale activity, rather than institutional fund flows, is driving the rally. Bitcoin moved in parallel, climbing toward $85,000.
