Ethereum attracted considerable large-holder demand as whales acquired millions in ETH as the broader market structure continued recovering.
As per a Lookonchain report, one whale rotated considerable Bitcoin exposure into Ethereum during the recent accumulation wave.
In particular, the whale swapped 512 WBTC, valued at roughly $38.64 million, alongside 354 cbBTC worth $26.73 million. These transactions secured around 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. Both transactions combined represented roughly $100 million in fresh Ethereum purchases.
Rising Binance inflows test the fresh demand
The accumulation coincided with a sharp increase in Ethereum inflows into Binance, creating a counterweight to the large-holder demand.
The inflows into Binance hit approximately 709,400 ETH, reflecting the highest daily inflow level since June. Notably, the earlier inflow spikes remained significantly smaller throughout much of the July and August period.
The surge placed considerably more ETH within Binance, expanding the amount potentially available for trading. Generally, a higher exchange inflow can increase the sell-side pressure, although the transfers alone do not imply immediate selling.
More importantly, the spike developed while whales and institutions acquired sizable Ethereum positions elsewhere. That contrast, as a result, created a clear demand-versus-supply test for Ethereum.
MVRV reset strengthens the recovery picture
Beyond the wallet and exchange activities, Ethereum’s MVRV outlook showed how market conditions had changed significantly since the June-July price correction.
In particular, the MVRV Ratio had fallen towards the 0.70 level during that decline, placing the metric well beneath its neutral 1.0 threshold. These levels implied that the aggregate market value had declined beneath the realized value, suggesting substantial unrealized losses across holders.
Notably, Ethereum later recovered its MVRV ratio towards 1.0 as its price rebounded. More importantly, ETH reclaimed its realized price near the 2,300 price level and remained above that basis for several sessions.
This recovery suggested that the market had moved away from the deeper capitulation conditions visible during the earlier price contraction. The large purchases, meanwhile, reinforced that reset by showing renewed capital deployment after the price recovery.
Final Summary
- Nearly $100 million in whale accumulation could help absorb rising Binance supply during ETH’s range consolidation.
- ETH’s broader market structure points to a recovery.