ETH Whale Spends $182M on Bitcoin, Accumulating 4,000 cbBTC

Edgen Crypto

·Feb 05 2026, 01:36

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Key Takeaways

A prominent Ethereum whale has significantly increased their Bitcoin exposure, executing a large purchase of Coinbase Wrapped BTC (cbBTC). This move is part of a broader accumulation strategy tracked since early February, indicating strong bullish conviction despite the asset's current price being below their average entry point.

Major Acquisition: A single whale purchased 2,500 cbBTC, valued at $182 million, within an eight-hour window.
Sustained Accumulation: The entity has withdrawn a total of 4,000 cbBTC from Coinbase since February 2, 2026.
High-Conviction Entry: The whale's average cost basis across all purchases is approximately $74,003 per token.

Whale Expands Bitcoin Position with $182M Purchase

A prominent Ethereum swing-trading whale executed a significant acquisition over the past eight hours, adding 2,500 Coinbase Wrapped BTC (cbBTC) valued at approximately $182 million. This substantial transaction, identified by on-chain analyst @ai_9684xtpa, signals a strong, directional bet on Bitcoin from a major market participant known for navigating the crypto markets.

Total Holdings Reach 4,000 cbBTC at $74K Average Price

This latest purchase is part of a larger accumulation strategy that began on February 2, 2026. Since that date, the whale has systematically withdrawn a total of 4,000 cbBTC directly from Coinbase. The cumulative position was built at an average entry price of $74,003.9 per token. The pattern of withdrawing large sums from a major US exchange like Coinbase often suggests a long-term holding intention, as it moves assets into self-custody rather than keeping them on an exchange for immediate trading.