Ethereum whales buy ETH as ETF outflows reach $365.2 million

Ethereum whales spent $21.55 million on 10,000 ETH on November 9 using a $22 million USDT loan from decentralized lending platform Aave, according to on-chain analytics platform Lookonchain.

Lookonchain identified the buyer as wallet 0xFD10, which bought the ETH at an average price of $2,155. Because the acquisition used borrowed funds, the position carried Aave’s collateral and liquidation requirements rather than the exposure of a buyer using only existing capital.

That marked the latest in a run of large purchases since Friday, November 6, when Lookonchain reported continued whale demand despite heavy selling and Ethereum’s difficulty holding above $2,200.

How large were the purchases?

Two wallets suspected of belonging to the same whale spent approximately $9.08 million on 4,312 ETH at an average price of $2,106 on November 9, Lookonchain said.

A separate wallet, 0x32c6, deployed $19.7 million in USDT to buy 8,773.5 ETH at an average price of $2,245 earlier that day. The reported acquisition prices across these purchases ranged from $2,106 to $2,245.

Did one wallet keep withdrawing ETH?

Wallet 0x4AB7 withdrew 3,500 ETH worth approximately $7.53 million from Binance on November 9. Its exchange withdrawals over the preceding week reached 16,577 ETH, valued at about $37.5 million when Lookonchain reported the activity.

On November 7, the same wallet had purchased another 3,300 ETH for $7.41 million, bringing its reported weekly accumulation to 13,077 ETH at that point. The November 9 transfer was the latest leg of a week-long pattern of purchases and withdrawals.

Wallet 0xC356 withdrew 34,601 ETH worth approximately $73.75 million from Binance over three hours on November 9. The address had remained inactive for more than two years before the transfer, according to Lookonchain.

The withdrawal confirmed that the ETH left Binance, but it did not establish that the wallet bought the entire amount on the market. Exchange withdrawals can reflect transfers to private wallets, custody arrangements or other blockchain applications, depending on what the receiving address does.

That distinction matters because the reported activity covered several forms: direct ETH purchases, a debt-financed acquisition, exchange withdrawals and a dormant wallet’s return. The common thread was large wallet movement, not proof that every transaction represented fresh buying pressure.

How much pressure did the market face?

Ethereum fell more than 4% over 24 hours on November 9 and traded near $2,146 earlier that day. Crypto.news reported that ETH briefly dropped below $2,100 during Sunday’s sell-off before recovering some of its losses.

CoinGlass data showed approximately $462 million in Ethereum derivatives liquidations over the same 24-hour period. Long positions accounted for roughly $425 million, so the liquidation burden landed overwhelmingly on leveraged buyers rather than short sellers.

US spot Ethereum ETFs recorded $365.2 million in net outflows between November 2 and November 6, while Bitcoin ETFs lost approximately $1.28 billion over the same period. The outflows kept institutional products under selling pressure even as the identified wallets bought and withdrew ETH.

On November 5, Ether funds lost $99.9 million and Bitcoin products recorded $430.2 million in net redemptions.

Was exchange activity uniformly accumulative?

No. Santiment recorded a daily net Ethereum exchange outflow of 169,770 ETH in October, the largest in more than four months at that time. Lookonchain also tracked early-holder selling during the month.

The October transactions included a 1,000 ETH sale associated with an Ethereum initial coin offering participant and a 3,000 ETH transfer from an early holder. The combined data showed mixed holder behavior rather than a uniformly accumulative market.

The next weekly US spot Ethereum ETF flow window is the clearest near-term test: continued redemptions would show that institutional demand remains contracted, while the Aave-funded position stays subject to liquidation terms.