Ethereum Whales Undeterred By Price Drop, Move 3.50 Million ETH

The anticipated launch of Spot Ethereum Exchange-Traded Funds (ETFs) has not led to a favorable price performance for Ethereum. Some analysts and market participants argue that the launch of Spot Ethereum ETFs has turned out to be a “sell the news” event. This perspective is supported by Ethereum’s recent price activity, which saw a significant drop to a low of $3,100 after trading at $3,500 earlier in the week.

Despite this, on-chain data provides an intriguing insight. There has been a substantial increase in activity among Ethereum whales, with the volume of large transactions reaching a monthly high. According to on-chain data from IntoTheBlock on the social media platform X, whales moved 3.50 million ETH within a 24-hour period on July 24, marking the highest volume since the launch of Spot Ethereum ETFs.

Related Reading: Robert Mitchnick of BlackRock thinks the list of crypto ETF will stay limited

The large transaction metric tracks transactions exceeding $100,000, categorizing them as whale movements. This metric showed continued whale activity, achieving a consecutive monthly high of 3.68 million ETH on July 25.

Whale transaction tracker Whale_Alerts has posted various alerts on significant ETH transactions on social media. This activity could represent both outflows to exchanges and accumulation events. A detailed examination of other on-chain metrics suggests a combination of both, with outflows to exchanges currently more predominant.

IntoTheBlock reports a 12.42% increase in inflows to large wallets over a seven-day period, while outflows from these wallets surged by 38.17%. The net flows over the last seven days show a negative 100.65%, indicating that outflows have significantly surpassed inflows.

This on-chain data highlights the dynamic nature of whale activity in the Ethereum market. Although outflows are currently more prominent, some bullish whales continue to accumulate ETH from exchanges despite the prevailing market conditions. Meanwhile, Spot Ethereum ETFs have seen significant activity, with many registering substantial inflows. However, these inflows have been offset by outflows from the Grayscale Ethereum Trust ETF (ETHE), which have exceeded $1.5 billion.

As of this writing, Ethereum is trading at $3,210, a 1.5% decrease over the past 24 hours.

Để lại một bình luận

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *

Top Exchanges
Bybit

Smart Bybit trading bot - Trade coins easier

LBANK

Compatible with many operating systems such as iOS, Android, Window, MAC

Bitunix

Global Crypto Derivatives Exchange - Better Liquidity, Better Trading

BTSE

Synchronized technology and infrastructure - Safety insurance fund for users

Phemex

The Most Efficient Crypto Trading and Investment Platform