After the Binance security breach, the Ethereum network was suddenly swamped. Hackers rushed to convert and move the stolen assets, and a flood of transactions pushed Ethereum’s daily transaction fees to a new high for 2026, surging to $47.3 million on October 30.
That was 37.1% higher than the previous peak of $34.5 million in February this year.#ETH
The surge in transactions also sent MEV bots and arbitrage traders scrambling for block space. Ethereum’s on-chain activity far outpaced other public chains such as BNB Chain and Base, which brought in just $2.47 million and $2.71 million that day, respectively. Gas fees peaked at 253 Gwei on October 29, pushing network congestion to the limit.
Amid the turmoil, a whale quietly bought the dip in several batches $ETH
🐳
As panic swept the market, some big players took advantage of the volatility to steadily accumulate coins. On-chain data shows that on October 29, a whale address spent $37.96 million in USDC to buy 16,658 ETH in several batches, at an average price of about $2,279.
This wasn’t a single all-in order. The whale split the trades across Uniswap V2, buying between 349 and 375 ETH at a time—a gradual accumulation strategy. Many industry watchers interpreted the purchases as providing some support for ETH amid high market uncertainty. Still, it’s best to keep things in perspective: the moves of a single whale can’t directly reverse broader selling pressure.
On the other hand: buying demand in the U.S. market remains weak 📉
While the whale was quietly adding to its position, demand in the U.S. market was lagging. On October 29, the Coinbase Premium Index fell to -0.21, its lowest level since February this year. This means ETH was trading at a lower price on Coinbase than on Binance, indicating greater selling pressure and weaker buying interest among U.S. traders—partially offsetting the buying power of large on-chain investors.
Fortunately, the index later recovered slightly to -0.13, easing the pressure somewhat. But it remains in negative territory, suggesting that signs of a U.S. market recovery have yet to emerge. Only a sustained move above zero would signal a genuine rebound in U.S. buying demand.
In brief
A security incident at Binance triggered a large volume of on-chain liquidation activity, driving up Ethereum gas fees. A whale made a major move into ETH, but sentiment in the U.S. spot market remains subdued, with a clear split between bulls and bears. The market’s next move remains to be seen.#以太坊ETF批准预期