Ethereum whales accumulated nearly $100 million in ETH, including 26,924 ETH (approximately $64.57 million) acquired by a whale that converted 512 WBTC and 354 cbBTC, plus 13,700 ETH ($34.24 million) purchased by Abraxas Capital. This accumulation coincided with a sharp rise in Binance inflows, reaching approximately 709,400 ETH, the highest daily level since June, creating a supply-versus-demand tension. Ethereum’s MVRV ratio, which had fallen to 0.70 during the June-July correction, recovered to 1.0, indicating that the price reclaimed its realized price near $2,300 and the market exited capitulation conditions.
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