Ethereum is back above $2,700 with two big buyers in the front line. In five days, two whales committed approximately $106.4 million to ETH. The largest sold 1,107 BTC before buying 34,422 ETH and staking everything. The movement comes as Ethereum ETFs recorded around $140 million in outflows in the week ended September 18. In the crypto market, large wallets therefore seem much more offensive than funds this week.
In brief
- Two whales purchased approximately $106.4 million worth of ETH in five days.
- A single address exchanged 1,107 BTC for 34,422 ETH and then placed all the tokens in staking.
- Ethereum rose above $2,700 for the first time since January 31.
A whale converts $86.7 million of Bitcoin into ETH crypto
The biggest move comes from Hyperliquid. In five days, a whale sold 1,107 BTC, or about $86.76 million, and then bought 34,422 ETH for almost $86.5 million. The ETH were not sent back to a platform to be resold: they were all placed in staking.
The movement deserves to be compared to another recent figure. ETH reserves on crypto platforms fell to 14.88 million tokens, a multi-year low, while staking reached 43.1 million ETH in early September.
The same whale had already started moving a few days earlier. On September 18, eleven new wallets probably linked to the same actor had sold 602 BTC against 18,780 ETH. Since then, approximately 505 additional BTC have been sold and 15,642 ETH added.
This is not the only recent rotation from Bitcoin to the crypto ETH. Another wallet had exchanged 866 BTC for 26,924 ETH hours before the CLARITY Act vote on September 15. In both cases, these are observable on-chain movements. The exact identity and motivations of the owners remain unknown.
A second buyer returns with 32.17 million USDC
The second wallet, identified by the start of its address 0x4cee, already has a fairly eventful history with Ethereum. On July 21, he sent 20 million USDC to Binance before withdrawing 10,501 ETH, purchased around $1,904. A month later, he sold around 10,500 ETH at $2,252 and made an estimated profit of $3.66 million.
It returned in September, although at a higher price. Three real transfers to Binance appear on the blockchain: 2 million USDC, then 18 million and finally 12.17 million. Total: $32.17 million. The wallet then withdrew 7,567 ETH worth approximately $19.93 million.
There would therefore remain nearly $12 million of the deposit without purchasing identifiable on-chain ETH. This sum could still be on Binance. There is currently no evidence to confirm that it will be entirely used to purchase ETH crypto.
These purchases also arrive after several weeks of accumulation elsewhere in the ecosystem. BitMine, for example, recently added 27,180 ETH for around $68 million, bringing its reserves to almost 6 million ETH. The amounts are therefore no longer anecdotal.
Ethereum Tops $2,700, Crypto ETFs Go the Other Way
ETH was trading around $2,738 at the time of the data release, up approximately 6% over 24 hours and 11% over thirty days. Ethereum had not crossed $2,700 since January 31.
The contrast with ETFs is quite clear. Ethereum spot ETFs saw approximately $140 million in net outflows during the week ended September 18. The two whales studied have, at the same time, incurred a little more than 106 million dollars. This does not mean that their purchases alone explain the price increase. Bitcoin also rose towards $85,000 and the entire crypto market was progressing.
Ethereum was already coming with some momentum. Days before, ETH gained 7.46% to $2,619 after the release of US inflation figures. Tremplin.io had followed this first rebound of Ethereum above $2,600. Large wallets now add another piece of data. 34,422 ETH staked by a whale. 7,567 ETH withdrawn from Binance by another. $106.4 million committed in total. And during this time, listed funds are recording withdrawals.
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