An unidentified investor has amassed 221,166 ether valued at about $946 million in the past week, on-chain tracking services including Lookonchain and OnchainLens show. The accumulation, split across six wallets, was fed by large transfers from over-the-counter desks run by Galaxy Digital, FalconX and BitGo. The biggest single transaction involved 4,500 ether, or roughly $19 million. The buying coincided with a 22% rally that lifted ether above $4,300, swelling the paper value of the stash. Market observers say the aggressive accumulation marks one of the largest single-week purchases of the token since early 2024. Other major traders are repositioning as prices climb. BitMEX co-founder Arthur Hayes, who sold 2,373 ether last week at about $3,507, moved stablecoins back on-chain and repurchased 1,500 ether for roughly $6.35 million while adding smaller stakes in LDO, ETHFI and PENDLE. Not every big bet is paying off. London-based Abraxas Capital’s two trading accounts, which are short ether, bitcoin and several other tokens, are sitting on unrealized losses of about $190 million, according to exchange data compiled by Cointelegraph. Meanwhile, an early Ethereum ICO participant has taken advantage of the rally by selling 2,300 ether for $9.9 million and depositing another 2,000 tokens to Kraken, yet still holds tens of thousands of coins. The contrasting moves underscore frenetic whale activity around the second-largest cryptocurrency as its month-long advance accelerates and fresh capital flows into the market.