Ethereum whales continued buying ETH on November 9 despite a selloff that pushed the token below $2,200. Lookonchain reported that two possibly linked wallets spent $9.08 million on 4,312 ETH, extending a series of large purchases over several days.
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The wallets paid an average of $2,106 per ETH, according to the on-chain tracker. Other Ethereum whales used direct purchases and borrowed funds to build positions. Separate wallets also moved large amounts of ETH out of Binance.
How Ethereum Whales Added ETH During the Decline
Lookonchain traced wallet 0xFD10 after it borrowed 22 million USDT via Aave. This wallet used the money to acquire 10,000 ETH worth $21.55 million at an average price of $2,155.
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This means that the acquisition of ETH was carried out with the help of borrowed money. The borrowings also brought about the risk of liquidations. According to Aave, borrowers should have enough collateral for their borrowings.
Wallet 0x32c6 purchased 8,773.5 ETH worth $19.7 million on November 7. The average price at which it was acquired by this wallet was $2,245. It was higher than the one for the wallets that purchased on November 9.
These transactions demonstrate that there were whales buying Ethereum at various levels as it was declining. However, Lookonchain did not know who controlled these addresses. It is impossible to know the buyers’ intention just by looking at their addresses.
Where Ethereum Whales Moved Funds From Binance
Wallet 0x4AB7 took out 3,500 ETH valued at around $7.53 million from Binance on November 9. The number of its withdrawals during the prior week was reported to be 16,577 ETH, which was estimated to be valued at approximately $37.5 million.
Lookonchain revealed another 3,300 ETH acquisition worth $7.41 million on November 7 associated with the address. This was the second withdrawal after that.
There was a second wallet, 0xC356, which withdrew 34,601 ETH worth $73.75 million from Binance within three hours. Lookonchain noted that the wallet had not seen any transactions during the past two years.
Withdrawals by Ethereum whales from exchanges do not necessarily suggest acquisitions. The tokens can be moved to a personal crypto wallet or some other platform. Withdrawals without purchase records cannot be viewed as acquisitions.
What Ethereum Whales Did Amid Heavy Market Selling
ETH is hovering around $2,140 on November 9 after its 4% above drop in the last 24 hours. It dipped below the $2,100 mark amid the Sunday sell-off. This came in tandem with significant derivatives liquidations.
According to CoinGlass data reported in the market, there were $505.08 million in liquidations of ETH in 24 hours. Long positions contributed close to $457.80 million to the figure. This was the amount of forced liquidation of positions.
On the other hand, US spot Ethereum exchange-traded funds (ETFs) lost $365.2 million between November 2 and 6, per Farside Investors. ETHA ETF from BlackRock lost $345.9 million, while FETH ETF from Fidelity gained $15.3 million. Bitcoin funds lost a further $1.28 billion in the same period, making a total loss of close to $1.65 billion.
They lost $139.7 million on Monday and $85.3 million on Tuesday. There were $53 million in inflows on Wednesday, after which withdrawals resumed. Thursday and Friday saw withdrawals of $99.9 million and $93.3 million, respectively.
What the Transactions Show About Demand
The buying actions of Ethereum whales differ from redemptions in listed investment products. However, the information pertains to different investors and actions. Redemptions in an ETF do not determine what any particular wallet was doing.
There are some Ethereum whales that purchased during the price dip, whereas others only moved their holdings. The reports from Lookonchain provide information on transaction volumes and wallet actions but do not determine the market bottom.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Arslan Tabish is a Technical Reporter and Market Analyst at Tron Weekly with over five years of experience covering cryptocurrency markets and blockchain developments. His reporting focuses on Bitcoin, Ethereum, altcoins, and decentralized finance, alongside NFTs, crypto regulation, policy, and Web3 innovations.
Arslan covers blockchain technology, Layer 2 scaling solutions, and emerging use cases, including AI-driven crypto applications, while delivering clear market analysis on how technical and regulatory developments impact digital asset markets. His work is designed for both beginners and experienced readers, offering accurate, easy-to-understand reporting without speculation or investment guidance.
