Two whale wallets entered the Ethereum market with over $42.2 million in capital to accumulate 18,550.5 ETH. On-chain tracker Lookonchain detected the aggressive buying spree just as ETH tested a key support level at $2,245 per coin. These transactions occurred as the Ethereum spot market struggled to absorb price pressure following heightened crypto market volatility after the U.S. midterm elections.
What made this accumulation stand out was not just the dollar value, but the contrasting methods both investors used to secure their coins.
Two Different Paths to Securing 18,550 ETH
The wallet address 0x32c6 opted for direct purchases on the spot market, swapping 19.7 million USDT to acquire 8,773.5 ETH at an average price of $2,245. This purchase took place right during the price retest, absorbing available liquidity at that level.
Address 0x4AB7 took a different approach. As a newly created wallet on the network, it chose to withdraw 9,777 ETH worth around $22.5 million from the Binance exchange. The asset withdrawal was not executed in a single massive transaction, but was instead transferred in stages over the past five days until the coins were fully moved to the private wallet.
Combined, the two whale addresses absorbed 18,550.5 ETH from exchange circulation with a capital commitment exceeding $42.2 million. Inflows of that magnitude around $2,245 signal strong buying interest at the lower bound of spot prices.
$93 Million in Outflows from Spot ETFs
The accumulation in the spot market stood in sharp contrast to the dynamics of institutional investment products on Wall Street. According to data from Farside Investors, spot Ether ETF products in the United States recorded net outflows of $93.3 million at the close of the trading week.
Even as the broader ETF market posted net withdrawals, capital flows did not move in one direction across all issuers. BlackRock’s ETHB product still attracted $1.1 million in net inflows over the weekend-closing period. This addition brought cumulative net inflows for the BlackRock instrument to $11.95 billion since its debut.
A Demand Benchmark Heading into 2027
The divergence between stock market redemptions and spot market absorption marks an important phase for Ethereum liquidity. Andreja Cobeljic, Head of Derivatives Trading at AMINA Bank, noted that a resurgence in Ether ETF inflows will be a key indicator shaping the trajectory of institutional demand heading into 2027.
For crypto market participants, the willingness of two whales to deploy $42.2 million at $2,245 provides insight into price tolerance among spot buyers, even as the broader long-term demand outlook hinges on the recovery of institutional appetite.
Reported by @lookonchain on X.
Read also: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
