Ethereum whales buy tens of millions in ETH, on-chain data shows

What happened

Large Ethereum holders went on a buying spree in early November, according to on-chain data cited by U.Today and CryptoPotato. CryptoPotato attributed the activity to Lookonchain, which it said flagged whales buying ETH "like crazy."

U.Today reported that one unidentified whale spent $62.97 million over five hours to buy 27,553 ETH at an average price of $2,286. It said another wallet, 0x9EcA, deployed 37.96 million USDC within two hours to purchase 16,658 ETH at an average of $2,279 and continued accumulating afterward.

CryptoPotato, also citing Lookonchain, said 0x9EcA spent almost $38 million on 16,658 ETH and later reported that the trader had bought a total of 27,553 ETH for nearly $63 million. The buying came as ETH tried to stabilize near $2,300 after a retreat from October highs around $2,800, the reports said. X user Mookie, cited by CryptoPotato, said long positions had surpassed 380,000 ETH, four times the August level.

Why it matters

Large purchases can matter because they leave fewer coins available on the open market if demand holds, though the reports do not establish that this will happen. CryptoPotato described the accumulation as a bullish sign that could precede a rally and said smaller players might mimic the move. U.Today said the speed and size of the trades might reflect institutional activity rather than routine retail buying, and noted such transactions often occur ahead of potential recoveries. Both reports, however, said Ethereum's technical picture remained weak, with the token below several moving averages and facing resistance overhead.

What the data shows

U.Today reported the 27,553 ETH purchase at an average of $2,286 and the 16,658 ETH purchase at an average of $2,279, funded with 37.96 million USDC. CryptoPotato gave a slightly different framing for the second trade, saying 0x9EcA spent almost $38 million on 16,658 ETH and later reported a total purchase of 27,553 ETH for nearly $63 million. U.Today said ETH was near $2,288 on Nov. 2, below a longer-term moving average around $2,320, with resistance at $2,350-$2,450 and support at $2,200-$2,250. It said the relative strength index was near the lower end of its neutral range.

Background

Ethereum started October on a positive note but ended the month down more than 16%, according to CryptoPotato, which called it the asset's second-worst October. The outlet cited broad market weakness, large outflows from spot ETH exchange-traded funds, a multi-billion-dollar hack on Binance and persistent selling from wallets linked to the Ethereum Foundation. It detailed several sales, including an Ethereum Foundation-linked address offloading 2,785 ETH for about $6.42 million and another Foundation-linked participant selling 7,594 ETH for around $17.8 million after a year dormant. Analyst Ali Martinez, cited by CryptoPotato, described the whale selling as a bearish factor that could push ETH toward $2,000.

What is still unclear

One detail remains inconsistent across the reports. U.Today described the 27,553 ETH purchase as the work of a separate, unidentified whale, while CryptoPotato said Lookonchain later reported that 0x9EcA had bought a total of 27,553 ETH for nearly $63 million. The accounts do not agree on whether the largest purchase should be attributed to the same wallet as the 16,658 ETH buy.

What to watch

U.Today said a sustained recovery above $2,350 could improve the short-term outlook and open the door toward $2,450, while the $2,200-$2,250 area remains support buyers need to defend. CryptoPotato cited X user Ted saying a break above $2,400 could bring "a nice rally," and that he expects a larger move once ETH surpasses $4,000, with a cycle target of $13,000-$15,000. The article also cited CRYPTO XLARGE making a similar case around $4,000, and Ali Martinez's view that whale selling could send ETH toward $2,000. These are analysts' projections, not guarantees, and the reports said broader market conditions will influence what happens next.

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