Ethereum whale buys $38M as fees hit 2026 high after Binance breach

The Binance breach led to a surge of activity across Ethereum [ETH], pushing daily fees to a 2026 high. This surge resulted in record-breaking daily costs at $47.3 million on the 30th of October.

These costs were higher than the previously reported February cost of $34.5 million by 37.1%. The spike was due to hackers rapidly converting stolen funds into tokens and subsequently executing trades on the network.

The increase in trading activities increased competition for arbitrage and MEV bot traders who seek profit from the opportunity to execute their trades quickly. As such, Ethereum’s volume is far outpacing volumes for other platforms.

This includes BNB Chain and Base, which generated $2.47 million and $2.71 million, respectively.

Gas fees have been increasing toward 253 Gwei on the 29th of October, as demand for block space continues to rise. Whether this increase in activity will be an indication of further stress within the overall market is still unclear.

Ethereum whale accumulates $38M in ETH

Although the Binance breach triggered intense trading activity on Ethereum, whales have utilized this volatility to accumulate long-term positions. On the 29th of October, whale 0x9EcA purchased 16,658 ETH using approximately $37.96 million in USDC.

With each purchase averaging $2,279 per token, they executed multiple buys through Uniswap’s [UNI] V2 Dutch Order Reactor in order to facilitate the conversion of USDC to ETH. Each individual buy ranged from 349 ETH to nearly 375 ETH.

This demonstrates sustained accumulation as opposed to simply a large-scale order. Therefore, these purchases may help to support demand for ETH during periods of continued uncertainty.

However, one whale’s purchases alone cannot confirm a broader shift in sentiment or reverse selling pressure.

Ethereum’s U.S. buying demand weakens

Even though whales continue to accumulate large amounts of ETH, Ethereum’s price recovery is faced with yet another challenge in the U.S. market, where buying demand remains weak.

The Coinbase Premium index fell to –0.21 on the 29th of October, the lowest levels since February, as ETH prices continued to trade below Binance prices.

Therefore, the extended discount indicates either stronger selling pressure or less buying interest among the U.S. traders, thereby possibly neutralizing any buying pressure exhibited by larger on-chain players.

However, the index has since rebounded toward –0.13, indicating some reduction in that pressure.

Still, the reading remains negative, leaving U.S. demand on uncertain footing. A sustained move above zero would provide stronger evidence of renewed buying interest and improve Ethereum’s recovery prospects.

Final Summary

• Ethereum recorded $47.3 million in daily fees after the Binance breach triggered intense trading and MEV activity.

• A whale accumulated 16,658 ETH, worth $37.96 million, while negative Coinbase Premium readings exposed persistent weakness in U.S. demand.