Ethereum Surpasses $2,700 as Two Whales Deploy Over $106 Million

Ethereum (ETH) broke the $2,700 level on September 21, 2026, marking its highest price since the end of January. The rally is being driven primarily by two large wallets, often referred to as whales, that have collectively invested over $106 million in ETH during the past five days.

Whale Activity on Hyperliquid

One whale on the Hyperliquid exchange swapped 1,107 BTC (approximately $86.76 million) for 34,422 ETH (about $86.5 million) and subsequently staked the entire ETH position. The on‑chain analytics firm Lookonchain noted that this activity represents a significant escalation from earlier in the week, when a series of newly created wallets sold 602 BTC for 18,780 ETH over three days.

Second Whale’s USDC‑ETH Rotation

The second whale, identified by the address 0x4cee, moved $32.17 million USDC to Binance on September 20 and later withdrew 7,567 ETH (worth roughly $19.93 million). Earlier transactions by the same wallet include:

• July 21: Transfer of 20 million USDC to Binance, receiving 10,501 ETH at about $1,904 each.
• August 21: Sale of 10,500 ETH at an average price of $2,252, generating a $3.66 million profit.
• September 21: Re‑purchase of 7,567 ETH at a higher price.

Blockscout data shows three USDC deposits to the wallet’s usual Binance address (2 million, 18 million, and 12.17 million), totaling $32.17 million. Approximately $12 million of the expected $40 million deposit remains unaccounted for on‑chain, suggesting it may still be held on Binance.

Address‑Poisoning Scams Detected

During the same period, the wallet’s transaction history was cluttered with fake token transfers mimicking “USDC” and “ETH.” These look‑alike contracts attempted to trick the owner into sending funds to incorrect addresses, a tactic known as address poisoning. In this instance, the genuine transfers reached the correct Binance address, avoiding loss.

Market Impact

At the time of writing, ETH is trading near $2,738, up about 6 % in the last 24 hours and 11 % over the past 30 days. Bitcoin (BTC) also rose in tandem, approaching $85,000, which helped lift the broader crypto market.