Ethereum News: Strategic Whale Purchase Sparks Debate on Buying the Dip

Recent developments in the Ethereum (ETH) market have grabbed the attention of crypto enthusiasts, particularly a strategic purchase by a prominent whale. Here’s a closer look at what’s happening in the world of Ethereum.

Ethereum Whale Buys 12K ETH: Is It Time to Buy the Dip?

Ethereum (ETH) has seen significant price fluctuations. A notable transaction by the “7 Siblings” wallet involved the purchase of 12,070 ETH for approximately $28.75 million at $2,382 per token. This move has sparked conversations about whether now is the opportune moment to buy ETH as prices drop. The “7 Siblings,” known for strategic purchases during dips, continue to hold an impressive 1.15 million ETH across two wallets.

Ethereum’s Pectra Upgrade Goes Live on Testnet

Ethereum’s Pectra upgrade went live on the Holesky testnet Feb. 24 but failed to finalize in the expected time. The Pectra hard fork combines 11 major upgrades, or "Ethereum improvement proposals" (EIPs), into one package. At the heart of this is EIP-7702, which is supposed to improve the user-experience of crypto wallets. The proposal, which was scribbled by Ethereum co-founder Vitalik Buterin in just 22 minutes, will allow wallets to have some smart contract functionality.

U.S. Appeals Court Affirms Ruling Tossing Out Uniswap Class Action Suit

The U.S. Court of Appeals for the Second Circuit largely agreed with a lower court’s 2023 decision to dismiss a class action suit against decentralized exchange Uniswap. Investors originally sued Uniswap Labs in 2022, alleging that the company allowed scam tokens to be issued on its protocol, harming investors. District Court Judge Katherine Polk Failla sided with Uniswap, comparing the plaintiffs’ arguments to holding an application like Venmo or Zelle liable for a drug deal facilitated on the platform.

Bybit Receives UAE In-Principle Approval Despite $1.4 Billion Breach

Cryptocurrency exchange Bybit has received In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates to set up as a Virtual Asset Platform Operator. The approval, dated February 18, 2025, comes shortly after the company reportedly lost over $1.4 billion in liquid-staked Ether and MegaETH in a security breach. The IPA is a preliminary regulatory approval that allows Bybit to move closer to obtaining a full operational license in the UAE. The company said the license would enable it to offer digital asset services to both retail and institutional clients in the region, which it described as a key financial hub with regulatory frameworks supporting cryptocurrency and blockchain adoption.