Ethereum's Whale Purchases Tested by Record-Binance Inflows
Ethereum's recent price recovery has been bolstered by significant purchases from whales and institutions. A Lookonchain report revealed that one whale rotated a substantial amount of Bitcoin exposure into Ethereum, swapping 512 WBTC worth $38.64 million and 354 cbBTC valued at $26.73 million. This transaction secured approximately 26,924 ETH worth nearly $64.57 million.
Additionally, institutional activity strengthened the accumulation outlook after Abraxas Capital purchased another 13,700 ETH for $34.24 million. These two transactions combined represent roughly $100 million in fresh Ethereum purchases.
The influx of large-holder demand contrasts with rising Binance inflows, which hit approximately 709,400 ETH and reflect the highest daily inflow level since June. While these exchanges can increase sell-side pressure, the contrast between demand and supply creates a clear test for Ethereum's market structure.