A whale investor bought over $111 million worth of Ethereum (ETH) on Wednesday after dumping ETH holdings a year ago.

Citing Arkham's data, onchain analytics provider Lookonchain reported that an unidentified whale trader spent 111.62 million USDT to purchase 50,706 ETH at an average price of $2,201, through two addresses. This was the whale's first activity after seven months of dormancy, Lookonchain added.

The analytics platform attributed the 111.62 million USDT to the whale’s sale of 28,683 ETH a year ago at an average price of $3,892, suggesting the trader is positioning for a low entry anticipating price appreciation.

Other whale wallets have recently displayed similar trades, buying large amounts of Ethereum after a year of inactivity.

Lookonchain reported earlier this week that a trader bought 23,393 ETH with 49 million USDT, after selling 12,886 ETH a year earlier at $3,324. The analytics platform alleged the wallets were linked to ShapeShift founder Erik Voorhees, though he has publicly denied that the wallets belong to him.

According to The Block's crypto price page, Ethereum is trading at $2,198, down 5.45% in the past 24 hours as of 9:55 p.m. ET. It is down 55.56% from its all-time high of $4,946 recorded in August 2025.

While trading at notable lows from its peak, ether, alongside bitcoin, has seen a return of institutional inflows via U.S. spot exchange-traded funds in recent weeks. In addition, the Securities and Exchange Commission released guidance on Tuesday saying that most cryptocurrencies are not securities, providing the long-sought-after clarity to the crypto market.