An Ethereum ($ETH) whale has recently gained market-wide attention for the aggressive conversion of $ETH coins. Specifically, the whale possessing the wallet “0x535…e8625” has converted a staggering $18.87M from $ETH into $PAXG. As per the data from Onchain Lens, the timing and scale of this aggressive conversion have gained noteworthy attention. Thus, this activity underscores a rising trend of large Ethereum holders diversifying their holdings to hedge against volatility.
In the past 2 days, a newly created wallet swapped 9,156.45 $ETH ($18.87M) to buy 3,734.19 $PAXG at a price of $5,053.Address: 0x53563b9ec34d016324d7cc41f66d7789167e8625Data @nansen_ai pic.twitter.com/lLquUQTC59
— Onchain Lens (@OnchainLens) February 15, 2026
Ethereum Whale Performs Conversion of 9,156,45 $ETH into $PAXG Via CoW Protocol
The on-chain data discloses that the whale wallet “0x535…e8625” has transformed a notable 9,156.45 $ETH coins into $PAXG. In this respect, the whale has converted a $18.87M into nearly 3,734.19 $PAXG tokens. This conversion reportedly accounts for almost $5,053 in terms of average price. Particularly, several limit orders and settlements occurred via the CoW Protocol, with the wallet “ETH Millionaire” serving as the main actor.
Over the past few hours, diverse high-value trades took place, including 81.46 $PAXG (almost $410K), 40.82 $PAXG (up to $205K), and 29.78 $PAXG (nearly $150K) in settlements. Each of these settlements led to subsequent $ETH limit orders, like -200 $ETH (equaling $413K), -100 $ETH (denoting $206K), and -72.76 $ETH (accounting for $150K). Additionally, the wallet also obtained 72.76 $ETH coins ($150K) from NEAR Intents Bridge Hot Wallet, presenting liquidity management across chains.
These swift conversions highlight a strategic $PAXG accumulation through structured $ETH offloading. At the same time, the consistent utilization of the settlement layer of CoW Protocol suggests the optimization of trade execution and an attempt to decrease slippage. Overall, the broad scale of swaps points toward the growing attraction toward tokenized gold.
Growing Whale Activity Indicates Wider Tokenized Commodity Traction Across DeFi Sector
According to Onchain Lens, despite $ETH’s status as a leading asset in the DeFi sector, the whale’s shift toward $PAXG comes as a tactical digital portfolio rebalancing. The repeated limit orders and settlements signify a disciplined approach instead of impulsive trading, reaffirming the calculated diversification narrative. Ultimately, amid the growing traction of tokenized commodities, such developments may signal wider adoption trends within the crypto landscape.
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