Ethereum whales have moved aggressively to accumulate ETH during a sharp market downturn. On November 9, 2026, Lookonchain reported that wallet 0xFD10 borrowed $22 million in USDT from Aave and spent $21.55 million to purchase 10,000 ETH at an average price of $2,155.
A second large wallet, 0x4AB7, withdrew 3,500 ETH from Binance worth about $7.53 million, bringing its total withdrawals over the past week to 16,577 ETH, valued at roughly $37.5 million. This pattern of spot accumulation contrasts with heavy losses among leveraged traders.
ETH has fallen more than 15% in five days and dropped below $2,100, hitting a multi-month low of $2,070. Onchain Lens reported that a Hyperliquid trader lost $19.86 million on ETH long positions across two accounts, with a 30-day PnL of -$33.34 million and a lifetime PnL of -$44.78 million. CoinGlass data also showed a single ETH liquidation order on Binance worth $48.16 million.
Despite the broader market decline and volatility following the late-October Binance hack and U.S. midterm elections, the whale buying suggests that some large investors view current prices as an opportunity. Traders will watch whether sustained accumulation can stabilize ETH or signal a sentiment shift.
