Large Ethereum whales have purchased millions of dollars worth of ETH over the past several days, with several wallets continuing to accumulate the cryptocurrency despite its recent price decline and heavy selling across the market.
Summary
- Ethereum whales purchased millions of dollars worth of ETH since Friday, including a $21.55 million acquisition financed through a $22 million USDT loan from Aave.
- Lookonchain identified several large transactions, including a $19.7 million ETH purchase and two wallets that spent $9.08 million acquiring 4,312 ETH.
- Another wallet withdrew 34,601 ETH worth approximately $73.75 million from Binance on November 9 after remaining inactive for more than two years.
- The accumulation came as Ethereum struggled below $2,200, while US spot Ethereum ETFs recorded $365.2 million in weekly net outflows.
According to on-chain analytics platform Lookonchain, two wallets suspected of belonging to the same whale spent approximately $9.08 million to purchase 4,312 ETH at an average price of $2,106 on November 9.
The latest transactions followed several other large purchases since Friday, November 6, including a $21.55 million acquisition financed through decentralized lending platform Aave and another $19.7 million purchase by a separate whale.
Some investors have continued buying Ethereum during a period when the cryptocurrency has struggled to hold above $2,200, while leveraged traders and US spot Ethereum exchange-traded funds have recorded substantial losses and withdrawals.
Ethereum whales continue buying during market decline
In a November 9 update, Lookonchain identified wallet 0xFD10 as one of the largest buyers during the latest market downturn.
The wallet borrowed $22 million in USDT from Aave before spending $21.55 million to acquire 10,000 ETH at an average price of $2,155.
The transaction was financed through borrowed funds, meaning the wallet’s exposure was different from that of an investor purchasing Ethereum entirely with existing capital. Its borrowing position remains subject to Aave’s collateral and liquidation requirements.
Another wallet, identified as 0x4AB7, withdrew 3,500 ETH worth approximately $7.53 million from Binance on November 9.
The latest withdrawal brought its total withdrawals from the exchange over the preceding week to 16,577 ETH, valued at approximately $37.5 million at the time of Lookonchain’s report.
The same wallet had already attracted attention on November 7 after purchasing another 3,300 ETH worth $7.41 million, bringing its reported weekly accumulation at that point to 13,077 ETH.
Earlier that day, Lookonchain identified a separate wallet, 0x32c6, which spent $19.7 million in USDT to purchase 8,773.5 ETH at an average price of $2,245.
The purchases occurred at different price levels, with the reported acquisition prices ranging from $2,106 to $2,245 as Ethereum continued losing ground over the weekend.
Another wallet withdraws $73.75 million in ETH from Binance
Large Ethereum transfers continued on November 9 when Lookonchain reported that wallet 0xC356 had withdrawn 34,601 ETH, worth approximately $73.75 million, from Binance over three hours.
According to the tracker, the address had remained inactive for more than two years before the latest activity.
The transaction involved an exchange withdrawal, which establishes that the ETH moved out of Binance but does not necessarily mean the entire amount was newly purchased.
Exchange withdrawals can involve transfers to private wallets, custody arrangements or other blockchain applications, depending on the activity of the receiving address.
The reported transactions therefore represent different types of whale activity, including direct purchases, borrowed-fund acquisitions and exchange withdrawals.
Ethereum ETF outflows continue as leveraged positions unwind
The accumulation has taken place during a difficult period for Ethereum, which fell more than 4% over 24 hours on November 9 and traded near $2,146 earlier in the day.
As previously reported by crypto.news, Ethereum briefly dropped below $2,100 during Sunday’s market sell-off before recovering some of its losses.
CoinGlass data showed approximately $462 million in Ethereum derivatives liquidations over 24 hours, with long positions accounting for roughly $425 million of the total.
Institutional investment products faced selling pressure throughout the preceding trading week.
US spot Ethereum ETFs recorded $365.2 million in net outflows between November 2 and November 6, while Bitcoin ETFs lost approximately $1.28 billion over the same period.
The withdrawals followed another difficult session on November 5, when Ether funds lost $99.9 million and Bitcoin products recorded $430.2 million in net redemptions.
Ethereum’s recent exchange activity has not been limited to accumulation. In October, early investors sold thousands of ETH while Santiment recorded a daily net exchange outflow of 169,770 ETH, the largest in more than four months at that time.
The October transactions included a 1,000 ETH sale associated with an Ethereum ICO participant and another 3,000 ETH transfer from an early holder, according to Lookonchain.
