Ethereum Whales Accumulate While US ETFs Extend Outflow Streak

Ethereum (ETH) has declined 13.98% over the last 30 days, triggering divergent strategies among major players. Spot Ethereum ETFs in the US continue to register withdrawals, even as a handful of whale addresses accumulate tokens.

The funds saw $365.3 million leave last week, marking a sixth consecutive week of net outflows. During the same period, on-chain data reveals that three large wallets added roughly 35,350 ETH.

Leveraged Purchases and Binance Moves Behind Whale Accumulation

The biggest transaction happened on November 9. Wallet 0xFD10 borrowed 22 million USDT from Aave and then used $21.55 million to buy 10,000 ETH at $2,155, according to Lookonchain data.

On the same day, a newly created wallet, 0x4AB7, removed 3,500 ETH from Binance, raising its weekly total to 16,577 ETH. Analyst EmberCN estimated that the average cost for the first 9,777 ETH withdrawn was roughly $2,304.

Two days before that, wallet 0x32c6 used 19.7 million USDT to acquire 8,773.5 ETH at approximately $2,245.

BitMine has continued its buying spree, holding 6,060,506 ETH as of November 1, nearing its target of 5% of the total supply, per its press release.

A broader trend of coins leaving exchanges is also visible. CryptoQuant data indicates that exchange reserves now stand at 14.62 million ETH, down from roughly 16.9 million at the start of January.

Declining exchange balances can signal reduced available supply. However, tokens used as loan collateral could still re-enter the market during liquidation events.

On the other front, US-listed funds are still selling.

ETF Investors Continue to Pull Out

The current outflow trend began with the week ending October 2. Over the past six weeks, spot Ethereum ETFs have lost approximately $2 billion, based on SoSoValue figures.

This has reduced cumulative net inflows to $11.92 billion, down from a peak of $15.09 billion in October 2025.

The withdrawals have coincided with ETH breaking below a critical support threshold.

Ethereum Breaks Below $2,200, Pressuring Whale Positions

Ethereum is currently trading at $2,140.08 on BeInCrypto Markets, losing 4.25% in the last 24 hours.

ETH fell below $2,200 on November 8. That level had served as a rising trend line supporting the price since its late-June trough, according to a BeInCrypto analysis from November 5.

That closing price confirmed the conditions for a rising wedge breakdown. The pattern now targets $1,754, the 0.786 Fibonacci level, roughly 18% below the current market price.

Analyst Daan Crypto Trades has also pointed to $2,100 as a significant level on the higher timeframe.

The most recent whale purchases, ranging from $2,155 to $2,304, all lie above the current price. If the decline continues toward $1,754, those holdings would see larger losses and put the leveraged position under strain.

On the positive side, ETH would first need to regain $2,200. A daily close above $2,439, the 0.618 Fibonacci retracement, would then bring $2,500 back into focus.

Until ETF inflows resume, the whales are defending a price zone that Wall Street has not yet supported.