- Over $140M in ETH has moved from Binance to one wallet, signaling large-scale institutional activity this week.
- Ethereum’s $2,513–$2,536 cost basis band now holds 3.45M ETH, reinforcing $2.5K as a key support level.
- ETH exchange reserves hit 18.8M as staking rate crosses 29.6%, reflecting rising conviction and reduced liquid supply.
A single Ethereum wallet has received over $140 million in ETH from Binance within seven days. Simultaneously, cost basis clustering near $2,500 and rising staking rates point to strengthening long-term conviction.
Wallet Activity Suggests Institutional Accumulation
A series of tracked outflows from Binance hot wallets show 55,000 ETH moving to wallet 0xFC82. In a post by TedPillows, the address is potentially linked to Cumberland, a known institutional desk.
The largest transfers occurred within hours of each other, each valued between $17.9M and $26.1M in ETH. Multiple wallets were involved, including 0xDFd, 0x497, 0x56E, and 0x28C, with repeated use of the same receiving wallet.
These transactions reflect deliberate and high-value movement, with transfers precisely timed and consistently sized. This behavior suggests coordinated activity from a party operating at scale.
Key Cost Basis Band Holds $2.5K Support
Glassnode’s ETH heatmap shows 3.45 million ETH clustered between $2,513 and $2,536. According to a report by Cointelegraph, this band marks a structurally important cost basis range for current holders.
The price has repeatedly tested and bounced from this level since mid-May. This strengthens the zone’s relevance as a behavioral anchor, especially under volatile market conditions.
Moreover, the March drawdown triggered heavy accumulation just below $2.5K, which was followed by a sharp May recovery. This confirms $2.5K as both a psychological and technical zone.
Exchange Reserves Drop as Staking Surges
Ethereum exchange balances have declined from over 28M to 18.8M ETH since 2022. The drop continues even as the ETH price fluctuates near $2.6K. At the same time, staking participation continues to rise, now exceeding 29.6% of the total supply. This shift reflects growing long-term conviction from network participants and validators.
Ethereum supply on exchanges is thinning fast, with more coins shifting into long-term staking contracts. This steady drain often precedes stronger bullish phases.
Price Breaks Above $2.63K After Dipping Below $2.59K
Intraday price action confirms bullish momentum as ETH rallied from a local low of $2.58K to $2.63K. Buyers absorbed downside pressure during Asia hours before reclaiming short-term control.
Earlier, volatility ranged between $2.54K and $2.60K before a sharp breakout near 10:00. The move positioned ETH near the top of its recent trading range, closing with strong upward momentum.
