BitGo custody wallets accumulated over $332 million in ETH via OTC trades from Galaxy Digital and FalconX.
Ethereum recorded a $287 million spot inflow on August 7, the largest single-day inflow in recent months.
ETH is retesting a multi-year resistance zone between $3,900 and $4,100, marking its seventh approach since 2021.
Three BitGo wallet contracts have accumulated a combined $314.22 million worth of Ethereum over the past three days. According to Arkham's post on X, the total value of the holdings has since grown to $332.1 million following price changes during the accumulation period.
https://twitter.com/arkham/status/1953488163508269093 Galaxy Digital and FalconX Identified as Sources
One of the wallets received ETH from Galaxy Digital’s over-the-counter (OTC) desk, while the other two received their ETH through FalconX, a known OTC trading platform. Based on on-chain data, all three wallet contracts are identified as BitGo custody addresses. Each address received its respective inflows separately during the same three-day window.
As of the latest on-chain records, no outgoing transfers have been detected from any of the three wallet contracts. The ETH remains fully held across the three addresses, with balances unchanged after the original inflows. The combined transactions reflect a total of over $300 million in ETH received through institutional OTC transfers tracked on-chain.
ETH Spot Market Validates Strong Inflow as Price Approaches $4,000
Tracking the current market action, Coinglass data reveals that Ethereum (ETH) registered a notable net inflow of $287.05 million into spot exchanges. This marks the largest single-day net inflow visible on the chart in several months. The inflow coincided with a recorded ETH price of $3,910.31 at the same timestamp.
Source: Coinglass
In recent sessions, the chart shows rising flows, reflecting a shift from consistent net outflows earlier in the year. From February through early July, red bars dominated the chart, indicating persistent outflows from spot markets. Following early July, the pattern shifted, with several sessions recording positive netflows. The August 7 spike represents a significant deviation from the previous daily averages.
Historical data shows similar inflows during mid-November and late December, although the recent movement exceeds most of those values. The netflow level on August 7 stands well above the $200 million mark, with very few past sessions matching this scale.
Is This Multi-Year Pattern Driving the Latest Ethereum Accumulation?
As the accumulation continues, analysis prepared by Satoshi Stacker reveals that ETH is once again testing a resistance zone that has defined primary market turning points for years. The level, marked between $3,900 and $4,100, has rejected ETH six times over the past 4.5 years. Each failed attempt previously resulted in significant declines ranging from 30% to 75%.
Source: X
Each instance followed a sharp downside movement, as the resistance zone has consistently influenced different market cycles since 2021. As of the latest daily candlestick, no confirmed breakout or reversal has occurred. ETH remains positioned at the edge of this critical resistance band. The ongoing test marks the seventh contact with this level in recent years, making it a focal point in the current price structure.
