After the Binance Hack, Ethereum Activity Reached a Record $47.3 Million

The Binance hack triggered a surge in Ethereum activity: on October 30, daily fees reached a record $47.3 million, 37.1% higher than the previous February figure of $34.5 million. Hackers quickly converted the stolen funds into tokens and conducted transactions on the network. The increase in trading intensified competition between arbitrage traders and MEV bots, which profit from fast transaction execution. Ethereum's trading volume significantly exceeded that of other platforms – for example, BNB Chain and Base generated only $2.47 million and $2.71 million, respectively. On October 29, gas fees rose to 253 Gwei amid demand for block space. It remains unclear whether this growth indicates further market tension.

A large holder bought 16,658 ETH for $38 million

Despite volatility, large holders were accumulating ETH. On October 29, whale 0x9EcA acquired 16,658 ETH for approximately $37.96 million in USDC – averaging $2,279 per token. The purchases were made through several transactions via Uniswap V2 Dutch Order Reactor, each ranging from 349 to nearly 375 ETH. This is more of a steady accumulation rather than a one-time large bid, and such purchases can support demand for ETH during periods of uncertainty. However, purchases by a single whale do not confirm a shift in sentiment or reverse selling pressure.

Weak demand in the US

The recovery of ETH is hindered by weak American demand. On October 29, Coinbase Premium fell to -0.21, the lowest since February: ETH was trading below prices on Binance. This discount indicates either stronger selling pressure or less interest in buying among American traders, which could neutralize the purchases of large players on the network. Since then, the index has recovered to -0.13 – the pressure has slightly decreased, but the value remains negative, so demand in the US is still in question. A sustained rise above zero would provide a more significant signal of a return of buying interest and improve the prospects for Ethereum's recovery.