Over $283 million in Ethereum was purchased through over-the-counter transactions in a single day. Consequently, this added to broader inflows that have crossed $1.1 billion over the past three months. Meanwhile, technical formations suggest Ethereum price may soon test $3.5K.
Notably, Ethereum recorded one of its largest recent OTC purchase events, with a single wallet acquiring over 108,000 ETH valued at $283 million.
The transactions were routed through exchanges and OTC desks such as Galaxy Digital and OKX, indicating institutional coordination.
In addition, the inflows occurred across several transactions, including multiple transfers exceeding 40,000 ETH each. These activities suggest the buyer used OTC channels to avoid market slippage and minimize Ethereum price disruption.
As a result of this accumulation, the address in question now holds approximately $365 million in Ethereum. The activity was noted by on-chain analysts tracking wallet trend across major networks.
Majority of these transfers moved ETH from exchange-linked wallets to self-custodied storage, reducing circulating supply and adding to overall market liquidity pressure.
In addition to short-term whale accumulation, Ethereum has maintained the top position in net inflows among all blockchains over the last three months.
According to recent data, ETH registered $1.1 billion in net capital inflows over the past 90 days, far surpassing other networks, including Sonic, Base, and Bitcoin.
These inflows represent both retail and institutional interest and are commonly used as a metric to gauge capital preference in crypto markets.
Consequently, this trend reflected growing confidence in Ethereum’s ecosystem amid broader market developments. Institutional access via staking products and ETF speculation has also supported continued demand.
Compared to Bitcoin, which saw relatively flat inflow data, Ethereum is attracting the bulk of recent investment interest. This may likely be due to its position as the base layer for DeFi and Layer-2 protocols.
Technical analysis of Ethereum price action by analyst Bitbul revealed a consolidation within a bullish flag formation, typically interpreted as a continuation pattern in trending markets.
The structure began forming after a sharp upward move in May. ETH price has maintained higher lows and capped highs near the $3,000 range.
The current structure is resting above the 0.618 Fibonacci level, often used by traders as a support indicator.
Additionally, the analyst projected Ethereum price potential breakout zones near $3,100. If the asset closes above this level on high volume, the next resistance levels appear at $3,298 and $3,516 according to Fibonacci extensions.
Besides, these zones may become relevant if institutional inflows persist and macro conditions remain favorable for risk-on assets.
A breakout past these levels could bring Ethereum to a price range of $3,500 to $3,800, which would mark a new multi-month high.
Supporting the technical chart structure, on-chain data shows a marked reduction in ETH held on exchanges. Large transfers from platforms like Binance and OKX to OTC custodians and cold wallets have decreased the liquid supply.
These patterns typically align with bullish market phases, where supply constraints can coincide with increasing demand.
Moreover, ETH futures and options markets are showing steady long interest, with funding rates neutral to positive.
Long/short ratios and leverage positioning do not currently indicate overheated conditions, adding to the technical case for further upside.
At the time of writing, Ethereum price was trading at $2,565, down 3.4% intraday, rebounding from $2,600 support after brief volatility near $2,580, with intraday resistance near $2,660.
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