Ethereum has recently seen a surge in large-holder demand, with whales acquiring millions in ETH as the overall market continues to recover. According to a Lookonchain report, one whale made a significant move by swapping 512 WBTC and 354 cbBTC for around 26,924 ETH, totaling nearly $64.57 million. Additionally, Abraxas Capital purchased 13,700 ETH for $34.24 million, bringing the total of fresh Ethereum purchases to approximately $100 million.
Despite the increase in large-holder activity, there has also been a notable rise in Ethereum inflows into Binance, reaching around 709,400 ETH. This influx represents the highest daily level since June, potentially adding more selling pressure to the market. However, the contrast between whale and institutional purchases and exchange inflows creates a clear demand-versus-supply scenario for Ethereum.
In addition to wallet and exchange activities, Ethereum’s MVRV ratio has shown significant changes since the June-July price correction. The ratio fell to 0.70 during the decline, indicating unrealized losses for holders. However, as Ethereum’s price rebounded, the MVRV ratio returned to 1.0, signaling a recovery in market conditions. This recovery, coupled with the large purchases, suggests a shift away from deeper capitulation conditions seen earlier.
In summary, the nearly $100 million in whale accumulation could help offset the rising supply on Binance during Ethereum’s consolidation phase. The broader market structure of ETH indicates a positive recovery trend, showcasing renewed confidence in the cryptocurrency.