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New Ethereum Wallets Buy 50,000 ETH as Ratio Climbs

New wallets and institutional buyers pulled about 50,000 ETH off exchanges in 48 hours. The ETH/BTC ratio moved higher too, while a broad altcoin rotation still has not been confirmed.

By Zenz van der Wielen
• 2 min read
New Ethereum Wallets Buy 50,000 ETH as Ratio Climbs

Key Takeaways

  • New wallets pulled about 50,000 ETH off exchanges in less than 48 hours.
  • The ETH/BTC ratio rose 6.14% in a week and 9.75% in a month.
  • The Altcoin Season Index stayed at 48, below the level that would confirm a real altcoin season.

Ethereum drew another round of heavy buying from large holders this week. In less than 48 hours, new wallets removed about 50,000 ETH from exchanges, while the ETH/BTC ratio climbed 6% and traders again started eyeing a possible move into altcoins.

Big Wallets Keep Buying

On-chain tracker Lookonchain flagged a string of large purchases over a short stretch. One newly created wallet, 0xf31d, withdrew 8,239 ETH worth $14.5 million (€12.7 million) from multiple exchanges. Another wallet, 0x363A, picked up 11,843 ETH worth $20.8 million (€18.2 million) in just three hours.

A few days later, three more newly created wallets pulled another 30,000 ETH from Coinbase Prime, with the total value coming to $57.66 million (€50.6 million). Activity like this points to more than just existing whales staying active. It also suggests fresh money is still entering Ethereum through new wallets.

Institutional demand also stayed firm. BitMine, Tom Lee's vehicle, bought another 6,000 ETH worth $11.18 million (€9.8 million) through FalconX on July 15. The company has long said it wants to control 5% of Ethereum's total supply. That approach fits into the wider push to build Ethereum treasuries, as seen in Bitmine Buys 42,197 ETH While Strategy Sells Bitcoin.

ETH Keeps Pace With Bitcoin

The buying spree lines up with a stronger ETH/BTC ratio. According to TradingView, the pair was trading at 0.02971 on Binance, up 6.14% over the past week and 9.75% over the past month. In other words, Ethereum is still recovering from the 0.0275 low Wintermute pointed to in May.

That strength is also showing up in the wider market. CoinGlass' Altcoin Season Index slipped to 48 from 58 earlier this week, still far below the 75 mark that would confirm a true altcoin season. So while Ethereum is outperforming, it is not yet a clear sign that the broader market is rotating into altcoins.

Why This Matters for Europe

For European crypto investors, the setup matters because Ethereum is often one of the first places to see changes in risk appetite outside Bitcoin. When large wallets and institutional buyers are both active, it can offer a useful read on liquidity and sentiment across the market, even if a broader altcoin phase has not been confirmed yet. That is why traders are watching the mix of exchange outflows and a rising ETH/BTC ratio so closely as they try to gauge the rotation between Bitcoin and Ethereum.

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