Ethereum (ETH) buying on Binance has become increasingly frenzied. Since early July, whale wallets have been actively adding to their positions, not secretly, but openly.
On-chain data shared by analyst Darkfost at CryptoQuant shows a surge in demand from whales that has become increasingly intense recently.
They’re not the type to rush in. They usually only start moving after an uptrend is clearly visible. Well, this time it’s no different. They only appear after a reversal is confirmed. But once they do, they’re entering in large numbers, not half-heartedly.
Amid this surge in activity, Ethereum continues to climb and is now approaching the psychological barrier of $5,000. The question is, is this purely due to the trend or is it driven by a large crowd behind the scenes? Looking at spot and futures flows on Binance, the answer is quite clear: whales are dominant.
However, this doesn’t mean they’re always right. Sometimes they even panic when the price retrace sharply. But the buying pressure from this group remains strong enough to maintain momentum. If this trend continues, it’s not impossible that the price of ETH will actually reach $5,000.
ETH derivatives spike as volume soars and sentiment turns bullish
Meanwhile, on the derivatives side, data from CoinGlass also shows a significant surge in activity. ETH trading volume has increased 96% in the past 24 hours and now stands at $171.2 billion.
Options are also on the rise, up 80% to $2.31 billion. Open interest has indeed dropped slightly, but this isn’t a negative signal. It could be a shift in positions toward tighter leverage or simply profit-taking.
It’s not just in the order book and derivatives markets; the mood on social media is also changing. According to analyst Ali Martinez, ETH is experiencing a surge in positive sentiment across various platforms. People are starting to talk about ETH again, not about “when it will pump” but about “how far it can go.”
And this is what’s making the atmosphere even more exciting. When whale buying pressure meets public hype, the results rarely disappoint. ETH is now in the middle of a unique combination: massive accumulation, rising volume, and widespread optimism. Is this the beginning of the next boom? Or just a warm-up?