Key Takeaways:
Wallet 0x65B4 bought back 7,448 ETH worth $17.5M at $2,350, days after selling 10,829 ETH at $2,300. The reentry at a higher price signals renewed confidence in ether following the KelpDAO exploit and Aave liquidity shock. Bitmine separately added 101,627 ETH worth $233 million on April 23, reinforcing broad institutional ETH demand at current levels.
Sold, Then Bought Back Higher
As per onchain data, wallet 0x65B4 sold 10,829 ether for approximately $24.91 million when ether traded near $2,300 three days ago. On Thursday, the same wallet re-entered with a purchase of 7,448 ether at $2,350, approximately 2% above the original exit price, for a total outlay of $17.5 million.
The round trip leaves the wallet with a smaller net position of 7,448 ether after the rebuy versus 10,829 ether before the sale. But the decision to accumulate at a higher price than the exit point suggests the operator views current levels as a buying opportunity rather than treating the recent move as a top. A wallet trimming and walking away would not repurchase within days at a higher price.
KelpDAO Aftermath Creates an Entry Window
Ethereum has been under sustained selling pressure following the KelpDAO exploit, which triggered a wave of liquidations and withdrawals from Aave, the decentralized lending protocol. Aave’s total deposits dropped from roughly $45.8 billion to below $30 billion after the rsETH vulnerability incident, pushing ether toward $2,300 before the market stabilized.
The volatility also created an exit window for holders looking to reduce exposure and a re-entry window for those convinced the selloff was temporary. The 0x65B4 wallet’s rebuy fits that pattern as selling into the initial shock at $2,300 and buying back as the market finds footing above that level is consistent with a high-conviction holder managing short-term risk rather than exiting a long-term position.
The broader onchain picture on Thursday supports the whale’s re-entry thesis, especially with Bitmine adding 101,627 ETH worth $233 million in its largest single-week purchase of 2026, and Grayscale signaling improving conditions for digital assets as bitcoin buyers approach breakeven.
Even onchain analyst Ki Young Ju noted separately that bitcoin tends to be “closest to a bottom when it looks least attractive,” a sentiment that appears to be translating into action for large ETH holders as well.
