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ETH Ethereum accumulation
Ethereum (ETH) is experiencing significant accumulation of nearly US$1 billion, exchange reserves are declining, and derivatives leverage is still below its peak in early 2026.
Key Points
Whale activity and the BlackRock ETHA ETF's net purchase of US$889.8 million over eight trading days accelerated ETH buying. Exchange reserves have dropped to 14.93 million ETH, while the Coinbase Premium Index turned positive at close to 0.029. Open interest is still close to $14.5 billion, indicating that the latest wave of demand is more spot-driven than leveraged.
Online tracking data shows that a whale wallet recently spent US$13.55 million to buy 5425 ETH pieces, with an average price of approximately US$2498; at the same time, an X account pointed out that another address received 40,000 ETH pieces from Binance, worth approximately US$100.9 million. Institutional needs also persist. The BlackRock ETHA ETF recorded net purchases of US$889.8 million for eight consecutive trading days. Before the separate Binance transfer, the total purchases of the above-mentioned whale and ETF had exceeded US$900 million.
Data shows that the exchange's ETH reserves have continued to decline for most of the year and have now dropped to 14.93 million, reducing the number available for immediate use on the trading platform, which means there are fewer currencies available for immediate sale.
Ethereum Leverage
After months of negative values, the Coinbase Premium Index has rebounded above zero, close to 0.029, a change that suggests U.S. spot demand is stronger relative to other exchanges. Leverage has not followed this trend. Open interest in ETH contracts is close to US$14.5 billion, well below the high of early 2026, indicating that the current accumulation phase is driven more by spot purchases than leveraged bets.
A spot-driven trend faces less risk of forced liquidation than a rise that relies mainly on leverage, but this pattern may change if open interest starts to grow faster than ETH prices. This balance may change quickly. Exchange reserves have been on a downward trend for most of 2026, while the Coinbase Premium Index experienced several months of negative values before turning positive, and open interest contracts remain below their peak at the beginning of the year.
