Ethereum whales buy $42.2m in tokens as accumulation continues
On-chain data shows large holders moving ether into private storage and making multi-million dollar purchases following a major exchange exploit.
Key takeaways
- 1Wallet 0x32c6 spent 19.7m USDT to buy 8,773.5 ETH on 7 November.
- 2A new wallet withdrew 9,777 ETH worth $22.5m from Binance over five days.
- 3Ethereum price stood at $2,238.52 with a market cap of $273.5bn.
Large cryptocurrency holders, known as whales, purchased or moved more than $42.2m worth of ethereum on 7 November. On-chain analytics service Lookonchain tracked a single wallet, identified as 0x32c6, which spent 19.7m USDT to acquire 8,773.5 ETH at an average price of $2,245. The transaction occurred as the second-largest cryptocurrency traded at $2,238.52, a slight 0.2 percent decline over 24 hours.
A second wallet, 0x4AB7, withdrew 9,777 ETH worth approximately $22.5m from the Binance exchange over the last five days. Such withdrawals often suggest that large investors intend to hold their assets in private storage rather than sell them on an exchange. This activity follows a similar move on 2 November, when another whale bought 16,658 ETH for 37.96m USDC according to earlier YourKhabri reports.
Ethereum is the primary network for decentralised finance and maintains a market value of $273.5bn. The recent accumulation comes after a $6.3bn exploit on Binance reported on 3 November. In response to the hack, South Korean regulators are considering a rule that would require exchanges to keep 99 percent of user funds in cold storage to prevent similar losses.
The continued buying by large holders suggests that high-net-worth investors remain interested in ethereum despite recent security concerns in the broader market. Traders will watch whether these coins remain in private wallets or return to exchanges, which would indicate a shift toward selling. The market is also monitoring the $2.85bn in stolen funds that authorities have frozen or seized following the Binance breach.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.