Ethereum (ETH) experienced a recent pullback, reaching around $4,448 after approaching its all-time high of $4,878 last week. On-chain data reveals a stark contrast between retail investor behavior and institutional activity during this price fluctuation. While retail investors seem to be panicking, institutions are quietly accumulating ETH, potentially seeking opportunities in the dip. 2023’s rally has seen notable shifts in the crypto market. Bitcoin (BTC) has cooled after reaching an all-time high of over $124,400, leading to a drop in its price by around 5% to $117,000. The cumulative crypto market saw negative readings on Saturday morning and fell below the $4 trillion market cap mark. This pullback was accompanied by a significant decrease in trading volume for Bitcoin, dropping to $180 billion with a 32% reduction compared to previous day’s figures. On-chain analysis reveals a different story While this price dip seems discouraging for retail investors, whale activity suggests institutional confidence remains high. An Ethereum ICO participant who invested just $104 in 2015 has finally moved his 334.7 ETH (estimated value: $1.48 million). This significant return on investment after nearly a decade of dormancy highlights the growing interest from institutional investors. **Institutional Buying Remains Strong** Ethereum’s price pullback, however, hasn’t deterred major players like Bitmine. The company recently acquired another 106,485 ETH (estimated value: $470 million) in just a single day. This significant purchase further strengthens their treasury which now stands at 1.29 million ETH, valued at nearly $5.8 billion. Another undisclosed institutional buyer also engaged in aggressive accumulation during the pullback by purchasing 92,899 ETH from Kraken over the past four days through newly created wallets. **Strategic Adjustments Amidst Volatility** Private funds have taken advantage of this price dip to adjust their positions. A wallet linked to Longling Capital sold 7,000 ETH worth $31.8 million during the pullback but still retains $352 million in Ether holdings. This active reshuffling showcases how institutions are viewing Ethereum’s recent price drop as an opportunity for strategic investment. **Unpredictable Gains and Losses** The surge in market interest has also yielded unexpected profits for hackers. For instance, the Radiant Capital exploiter, allegedly linked to North Korea, sold nearly $44 million worth of ETH this week. This move boosted their stolen funds to over $100 million, almost double the value of the initial gain. Similarly, attackers from the Infini and THORChain exploits profited from ETH’s surge. The Infini hacker stole approximately $49.5 million in USDC back in February and converted a significant portion into stablecoins. Since then, they’ve generated over $48 million in profit through these transactions. **Ethereum’s Price Trends** Ethereum price experienced a pullback after an initial rally, dropping by 5% within the last 24 hours but still showcasing a positive return of 29% over the past month with a current price hovering around $4,455. The market cap for Ethereum now stands above $537 billion. **Bonus Offer:** Join Bybit now and claim a $50 bonus in minutes.