Two Ethereum wallets move $42M in ETH as spot ETFs log $365M weekly outflows
In brief
- One wallet bought 8,773.5 ETH at $2,245, worth $19.7 million, per Arkham data.
- Fresh wallet 0x4AB7 withdrew 9,777 ETH (about $22.5 million) from Binance over the past week.
- U.S. spot Ethereum ETFs logged $365 million in outflows over the past week, U.Today reported.
- ETH traded at $2,239 at the time of the report, near local support.
Two wallets, two different moves
One wallet bought $19.7 million worth of Ethereum, per Arkham data spotted by Whale Alert. That's 8,773.5 ETH at a price of $2,245. It isn't the address's first buy, either. Yujin Monitor data shows the same whale picked up 10,376 ETH at an average price of $1,626 in June, and its total holdings now sit at 23,095 ETH (worth $51.69 million).
The second address is a different story. Arkham flagged a fresh wallet, 0x4AB7, that withdrew 9,777 ETH worth about $22.5 million from Binance over the past week. That's a withdrawal, not a confirmed purchase, and neither wallet's intent is known.
Add the two flows together and you get roughly $42.2 million.
ETF money is heading the other way
U.S. spot Ethereum ETFs have seen $365 million in outflows over the past week, U.Today reported, with $193.2 million of that coming in the last two days. The report tied the outflows mainly to November 5, when ETH fell almost 10% after a short-lived rally.
Exchange data doesn't line up neatly with the wallet activity. ETH saw $18.32 million in net flow across all major exchanges on Saturday (the report didn't say in which direction), and U.Today said the exchange net flow statistics paint a somewhat different picture. Its reasoning is simple: when whales move funds to exchanges in large numbers, it usually signals short-term selling pressure.
Where ETH price sits now
ETH was trading at $2,239 at the time of the report, moving sideways around a local bottom. Analyst Ali Martinez noted the price had lost an important support level at $2,385, and the report said more selling pressure could mean a further decline toward $1,963.
Local support sits around $2,200 to $2,220, per U.Today. On the upside, it said a break above $2,300 would put ETH in recovery mode and could open the way to the $2,400 to $2,450 zone tested this week.
For now, the wallet data and the ETF flows are pointing in different directions.
