Ethereum Sees Record $1B Buying Spree Amidst Decreasing Supply

Ethereum has seen significant buying activity recently, with over $1 billion in demand visible across various sources.

A large whale wallet spent $13.55 million to purchase 5,425 ETH at around $2,498, while another address received 40,000 ETH worth $100.09 million from Binance.

This buying trend is not limited to retail investors; BlackRock's ETHA ETF saw $889.8 million in net purchases over the past eight trading days, with buying occurring on every single day.

The available supply of ETH has also decreased, with exchange reserves falling to 14.93 million ETH, which has been declining for most of the year.