Nearly $1 billion in visible Ethereum buying met falling exchange reserves while derivatives leverage stayed below 2026 peaks.
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Ethereum sees $1B in spot buying as exchange reserves fall
Ethereum recorded roughly $1 billion in visible spot buying as exchange reserves fell to 14.93 million ETH, per CryptoQuant and Arkham data.
On-chain tracker Lookonchain flagged a whale wallet spending $13.55 million to acquire 5,425 ETH at about $2,498, while BlackRock's ETHA ETF recorded $889.8 million in net purchases across eight consecutive trading days.
Exchange reserves have fallen to 14.93 million ETH after declining through most of 2026, reducing the supply readily available on trading venues. The Coinbase Premium Index turned positive near 0.029 after months below zero, pointing to stronger U.S. spot demand. Open interest stands near $14.5 billion, well below earlier 2026 highs.
The spot-led accumulation leaves the market less exposed to forced liquidations than a rally built on leverage. That balance could shift if open interest begins rising faster than ETH's price, which would reintroduce liquidation risk.
Whale and ETF Flows Converge
Another address received 40,000 ETH worth $100.09 million from Binance, according to the X account TedPillows. Combined with the whale purchase and the ETHA ETF inflows, visible demand exceeds $900 million before the separate Binance transfer.
ETH traded at $2,420.48, down 3.60 percent over 24 hours, after August's rally pushed the token above $2,400 for the first time in months. The recent decline appears driven by profit-taking, with the Spent Output Profit Ratio (SOPR) maintaining readings above 1 throughout the previous week.
U.S. spot Ethereum ETFs captured $234.51 million in net positive flows on Aug. 27, building on $192.35 million recorded Aug. 26 and $179.80 million on Aug. 25. The uninterrupted nine-day accumulation period brought weekly ETF inflows to $722.24 million, the most substantial seven-day performance for Ethereum investment products in roughly ten months. Aggregate cumulative inflows have reached $12.87 billion, with total assets under management at $15.57 billion.
Leverage Stays Below 2026 Peaks
ETH open interest stands near $14.5 billion, well below its earlier 2026 highs. The Coinbase Premium Index has moved back above zero to about 0.029 after spending several months in negative territory, a shift that points to stronger U.S. spot demand relative to other exchanges.
A spot-led move can leave the market less exposed to forced liquidations than a rally built mainly on leverage, although that setup could change if open interest begins rising faster than ETH's price. Exchange reserves have trended lower for most of 2026, while the Coinbase premium spent several months below zero before turning positive, and open interest remains beneath its earlier yearly peaks.
ETH's average on-chain acquisition cost sits at $2,306, a threshold that historically triggers selling pressure from holders previously sitting on unrealized losses. The 14-day Relative Strength Index registers 69, approaching but not yet entering overbought conditions. Market participants are focused on $2,500 as the immediate resistance level and $2,146 as primary downside support.
This article is for informational purposes only and does not constitute investment advice.
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