Whales and institutional investors have purchased $127 million worth of Ethereum (ETH) in the past six hours, according to on-chain data from analyst Ember. These entities, who previously profited $30.45 million from two ETH price waves, have acquired 48,800 ETH following a recent market decline. This marks their third significant ETH purchase, beginning on June 11, with a total of $174.1 million spent on 65,325 ETH at an average price of $2,665. Despite the substantial investment, the position is currently at a floating loss due to the recent price drop.