Following the Binance breach, Ethereum’s daily fees reached a 2026 high of $47.3 million on October 30, 37.1% above the previous record of $34.5 million set in February. The increase was driven by hackers rapidly converting stolen funds into tokens and by heightened arbitrage and MEV bot activity. On October 29, address 0x9EcA bought 16,658 ETH for approximately $37.96 million in USDC through multiple Uniswap transactions, indicating sustained accumulation. Meanwhile, the Coinbase Premium index remained negative, moving from -0.21 to around -0.13, highlighting weak U.S. demand despite large on-chain purchases. These purchases could support ETH, but a sustained move above zero in the Coinbase Premium index would be needed to confirm a renewed U.S. appetite for buying.
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