Ethereum extended its sharp recovery on Friday, breaking above $2,430 for the first time in roughly four months as institutional demand strengthened and large holders moved significant amounts of ETH on and off exchanges.
ETH has gained about 29% over the past week, although the rally has not produced a unified response among whales. Some major wallets are withdrawing coins from Binance, while others are using the rebound to realize profits.
The move comes alongside a broader cryptocurrency recovery, with Bitcoin briefly moving above $79,000 as investors returned to digital assets. Recent ETH price analysis had already highlighted the $2,500 area as an important resistance zone.
Ethereum ETFs Record Strongest Inflow Since October
US spot Ethereum ETFs attracted $220.77 million of net inflows on Aug. 20, according to SoSoValue, marking their strongest single trading day since Oct. 28, 2025.
The latest figure extended the sector's positive streak to four consecutive sessions, bringing combined inflows over the period to $512.25 million. Daily demand accelerated from just $30.85 million on Aug. 17.
Assets held across the US-listed funds rose to $13.58 billion, their highest level since May 11, while cumulative net inflows reached $11.97 billion.
The turnaround is notable after institutional appetite for Ethereum weakened earlier this year. Previous ETF activity included periods of sizeable withdrawals from institutional portfolios as falling ETH prices weighed on sentiment.
Whale Flows Point in Opposite Directions
On-chain activity is less straightforward. Blockchain tracker Lookonchain reported that wallet 0x2d59 withdrew another 30,000 ETH, valued at $67.42 million, from Binance. The address has now removed 120,000 ETH worth about $237.7 million from the exchange over three weeks.
Abraxas Capital separately withdrew 18,000 ETH worth $39.56 million, while a newly created wallet took out another 6,704 ETH valued at roughly $14 million. Large exchange withdrawals are often interpreted as reduced near-term selling pressure. Similar whale activity has previously accompanied accumulation phases.
Selling has been substantial as well. Lookonchain said 7 Siblings sold 14,000 ETH for $32.85 million at an average price of $2,346. Another wallet converted 11,252 stETH and 1,824 ETH into 30.78 million USDT, while a separate whale reportedly realized $1.76 million in profit from 5,250 ETH.
That divergence leaves Ethereum approaching $2,500 with strong ETF demand and declining exchange supply on one side, but clear profit-taking on the other. Earlier whale positioning shows why large-holder behavior remains an important gauge as ETH tests higher resistance.
