Ethereum Whale Buys $38M as Fees Hit 2026 High After Binance Breach
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Active Currencies: 22,685
Market Cap: $2.606T
Bitcoin Dominance: 59.95%
24h Market Cap Change: $-2.80
Ethereum’s post-breach activity reveals a market split between aggressive whale accumulation and cautious U.S. buyers.
Written by: Muriuki Lazaro
Reviewed by: Renuka Tahelyani
Updated: 04:00 EST, November 2, 2026
The Binance Breach
The Binance breach led to a surge in Ethereum activity, pushing daily fees to a 2026 high of $47.3 million on October 30th. This surge was fueled by hackers converting stolen funds into tokens and executing trades on the network.
Source: CryptoQuant
The increased trading activity heightened competition for arbitrage and MEV bot traders. Ethereum's volume outpaced other platforms, including BNB Chain and Base, which generated $2.47 million and $2.71 million, respectively.
Gas fees reached 253 Gwei on October 29th as demand for block space continued to rise. Whether this increase indicates further stress within the overall market remains unclear.
Ethereum Whale Accumulates $38M in ETH
Although the Binance breach triggered intense trading, whales have used this volatility to accumulate long-term positions. On October 29th, whale 0x9EcA purchased 16,658 ETH using approximately $37.96 million in USDC. Each purchase averaged $2,279 per token, executed through Uniswap V2's Dutch Order Reactor.
This demonstrates sustained accumulation as opposed to a large-scale order, potentially supporting ETH demand during periods of uncertainty.
Ethereum’s U.S. Buying Demand Weakens
Even with whale accumulation, Ethereum’s price recovery faces another challenge in the U.S. market, where buying demand remains weak. The Coinbase Premium index fell to –0.21 on October 29th, the lowest level since February.