Ethereum Sees Near-$1B Buying Spree as Exchange Reserves Plummet
Ethereum (ETH) has seen nearly $1 billion in buying activity as exchange reserves continue to fall. Whale transactions and institutional demand are driving this accumulation, with BlackRock's ETHA ETF making net purchases of $889.8 million over eight consecutive trading days.
The Coinbase Premium Index has turned positive near 0.029, indicating stronger U.S. spot demand relative to other exchanges. However, leverage remains low, and open interest stands at $14.5 billion, well below earlier 2026 highs.
Data from CryptoQuant shows that ETH reserves on exchanges have fallen to 14.93 million ETH after a decline throughout most of the year. This reduction leaves fewer coins available for sale, suggesting that the current accumulation phase is being driven by spot purchases rather than leveraged bets.