A large cryptocurrency investor that has been accumulating Ethereum (ETH) and Wrapped Bitcoin (WBTC) during July has made another notable purchase, according to on-chain data cited by analytics platform Ai Yi.

Ai Yi reported that the whale withdrew 120 WBTC from a cryptocurrency exchange within the past two hours, transferring the assets to a private wallet. Based on the data, the latest movement was worth approximately $7.8 million and added to a broader accumulation pattern observed throughout the month.

Wrapped Bitcoin is a tokenized version of Bitcoin that is designed to track BTC’s value while being usable on Ethereum and other compatible blockchain networks. That makes WBTC activity relevant to both Bitcoin exposure and Ethereum-based liquidity, particularly in decentralized finance markets where tokenized BTC is commonly used as collateral or trading liquidity.

According to the analysis, the same investor has purchased a total of 59,404.19 ETH and 820 WBTC since the beginning of July. At current market prices, those holdings are valued at approximately $156 million, making the activity one of the largest individual on-chain accumulation moves tracked in recent weeks.

Ai Yi’s calculations put the investor’s average purchase cost for Ethereum at $1,742. The average cost for Wrapped Bitcoin was estimated at approximately $64,329. The portfolio has generated about $8.93 million in unrealized profit, based on the recent recovery in cryptocurrency prices and the stated cost basis.

Transfers by large investors from centralized exchanges to private wallets are often interpreted by market observers as consistent with longer-term custody or holding behavior. For that reason, some market participants view the latest withdrawal as a sign that institutional or high-net-worth investors continue to maintain exposure to Ethereum and Bitcoin.

On-chain data can show wallet movements and token balances, but it does not always identify the beneficial owner behind an address or the full reason for a transaction. Analysts also cautioned that the movement of a single whale wallet should not be used to draw firm conclusions about the direction of the broader cryptocurrency market. Large transfers can take place for several reasons, including portfolio rebalancing, changes in custody arrangements, or shifts in investment strategy.