Ethereum Whale Transactions Surge as ETFs and DeFi Drive Demand

On-chain data shows the number of Wrapped Ethereum (WETH) transactions exceeding $100,000 reached 113,000 in the past week, the highest level since May 2021. The spike reflects large capital moving through DeFi protocols, spot Ether ETFs and Layer‑2 networks. U.S. spot Ethereum ETFs recorded about $38 million of net inflows on 20 July, while the newly launched Robinhood Chain L2 on Arbitrum processed significant DEX volume using ETH for gas fees.

Large wallets also intensified buying. A dormant whale purchased 10,501 ETH for $20 million, other fresh wallets withdrew and staked tens of thousands of ETH, and industry figure Arthur Hayes added more than 1,300 ETH worth $2.5 million. Bitmine and other corporate treasuries increased their Ethereum holdings, further supporting the multi‑layered demand signal. Analysts note the activity signals structural interest but does not guarantee a price rally.