Ethereum whales increased their holdings with multi-million dollar acquisitions as ETH faced a sharp price drop below $2,200 on November 9. According to blockchain analytics platform Lookonchain, two wallets that may be linked spent $9.08 million to acquire 4,312 ETH, paying an average of $2,106 per token.
Major whale activity and large transactions
Lookonchain pinpointed that the wallets steadily added to their positions, building on a series of large ETH purchases over previous days. Other significant investors also entered the market, buying with a combination of cash and borrowed funds, and multiple wallets transferred high volumes of ETH out of Binance, one of the world’s largest crypto exchanges.
One specific wallet, identified as 0xFD10, borrowed 22 million USDT through the Aave protocol and used those funds to purchase 10,000 ETH valued at $21.55 million. The average buying price for this acquisition was $2,155.
Mini dictionary: Aave, an Ethereum-based lending protocol, enables users to borrow and lend cryptocurrencies without intermediaries. Borrowers must provide collateral and face liquidation risks if asset values drop.
Another wallet, listed as 0x32c6, bought 8,773.5 ETH for $19.7 million on November 7, with an average price per ETH of $2,245. This purchase price was higher than those made by other whale wallets during the November 9 selloff.
These transactions signal that major ETH holders executed large trades at different price points even as the market declined. However, Lookonchain indicated it remains uncertain who controls these wallets, and blockchain data does not disclose the buyers’ intentions.
| Wallet | ETH Acquired | Value ($) | Average Price per ETH ($) | Date |
|---|---|---|---|---|
| 0xFD10 | 10,000 | 21,550,000 | 2,155 | Nov 9 |
| 0x32c6 | 8,773.5 | 19,700,000 | 2,245 | Nov 7 |
| Unspecified (2 wallets) | 4,312 | 9,080,000 | 2,106 | Nov 9 |
Withdrawal activity from Binance also intensified. Wallet 0x4AB7 reportedly withdrew 3,500 ETH, valued at approximately $7.53 million, on November 9. Over the prior week, this wallet moved away 16,577 ETH in total, worth around $37.5 million. Additional on-chain evidence showed that, on November 7, this address also received 3,300 ETH valued at $7.41 million.
A second wallet, 0xC356, withdrew 34,601 ETH, totaling $73.75 million, from Binance within just three hours. Lookonchain observed that this wallet had been dormant for two years before the abrupt move.
Large-scale withdrawals from exchanges do not always signify fresh acquisitions since assets can be transferred to private wallets or different platforms for custody or other strategies. Lookonchain emphasized that withdrawals alone are not proof of new purchases unless paired with direct buying transactions.
ETH price volatility and ETF flows
ETH traded near $2,140 on November 9 after dipping more than 4% within 24 hours, temporarily dropping below $2,100 amid widespread selling. This decline coincided with heightened liquidations in derivatives markets.
Analysis by CoinGlass showed $505.08 million in total liquidations of ETH positions during the preceding 24 hours, with long positions accounting for $457.8 million of that amount. These liquidations reflected forced closures as the price moved sharply.
Over in the ETF market, US spot Ethereum ETFs saw outflows totaling $365.2 million between November 2 and 6, based on Farside Investors’ data. BlackRock’s ETHA ETF lost $345.9 million, while Fidelity’s FETH ETF stood out by gaining $15.3 million during the same window. Bitcoin funds experienced even larger net losses, reaching $1.28 billion, bringing the combined outflow for these products to nearly $1.65 billion.
| ETF | Net Flows ($ million) | Period (Nov 2-6) |
|---|---|---|
| ETHA (BlackRock) | -345.9 | Nov 2-6 |
| FETH (Fidelity) | +15.3 | Nov 2-6 |
| Bitcoin Funds | -1,280 | Nov 2-6 |
During this spell, consecutive daily net outflows reflected changing investor sentiment, with only Wednesday marking net inflows of $53 million before withdrawals picked up again on Thursday and Friday.
Direct whale purchases and ETF redemptions involve separate channels and types of investors. The actions of large individual wallets do not mirror shifts in regulated investment vehicles. While some whales bought more ETH during the dip, others focused on transferring assets.
Lookonchain’s tracking highlighted significant volumes and activity but cautioned that blockchain movement alone does not signal a market bottom or explain investor motives.
During a period of market volatility, Ethereum whales made several major purchases and large withdrawals from exchanges, with some using borrowed funds via Aave. However, blockchain analysis cannot reveal the true intention of these buyers or guarantee a market bottom.
