Ethereum

Millions

Million

Spot

The anticipated launch of Spot Ethereum Exchange-Traded Funds (ETFs) has <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-recovery-3350/" target="_blank" rel="noopener noreferrer nofollow">yet to translate </a>into a favorable price performance for Ethereum. In fact, some analysts and market participants might argue that the launch of Spot Ethereum ETFs <a href="https://www.newsbtc.com/news/ethereum/eth-price-spot-ethereum-etfs/" target="_blank" rel="noopener noreferrer nofollow">has turned out to be</a> a “sell the news” event.
This viewpoint is bolstered by the recent price activity of Ethereum, which experienced a significant decline, dropping to a low of $3,100 after having traded at the $3,500 price level earlier in the week.
Despite this, on-chain data provides an intriguing insight. There has been a huge increase in activity among Ethereum whales, with the volume of large transactions recently reaching a monthly high.
<h2 id="strong-ethereum-whales-move-millions-of-eth-strong">Ethereum Whales Move Millions Of ETH</h2>
According to on-chain data presented by IntoTheBlock on the social media platform X, the volume of large Ethereum transactions has recently reached a monthly high. Specifically, the large transaction metric indicates that whales moved a substantial 3.50 million ETH within a 24-hour period on July 24, marking the highest volume observed since the launch of Spot Ethereum ETFs.
The large transaction metric from IntoTheBlock tracks the number and volume of transactions exceeding $100,000, categorizing them as whale movements. This metric revealed a continuation in whale activity, allowing it to achieve a consecutive monthly high of 3.68 million ETH on July 25.
<blockquote class="twitter-tweet">
 Despite decreasing <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> prices, large transaction volume reached a monthly high following the ETFs release, indicating institutional demand. <a href="https://t.co/AjhKuWyPnK" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/AjhKuWyPnK</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1817213572981698902?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 27, 2024</a>
</blockquote>
Whale transaction tracker Whale_Alerts <a href="https://x.com/whale_alert/status/1817283600330445085" target="_blank" rel="noopener noreferrer nofollow">has posted various alerts</a> on significant ETH transactions on social media. It is important to recognize that this activity could represent both outflows into exchanges and accumulation events. A detailed examination of other on-chain metrics suggests a combination of the two, although outflows into exchanges seem to be more predominant at the moment.
According to <a href="https://app.intotheblock.com/coin/ETH/deep-dive?group=ownership&amp;chart=concentration" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>, large wallets have experienced a 12.42% increase in inflows over a seven-day period. Concurrently, outflows from these large wallets have surged by 38.17% within the same timeframe. The net flows over the last seven days results in a negative 100.65%, indicating that outflows have significantly surpassed inflows. <img fetchpriority="high" decoding="async" class="size-full" src="https://www.tradingview.com/x/VEEzcXDE/" width="1835" height="883">
<h2 id="b-ethereum-outlook-b">Ethereum Outlook</h2>
This on-chain data highlights the dynamic nature of whale activity in the Ethereum market. Although outflows are currently more prominent, a number of <a href="https://bitcoinist.com/ethereum-primed-for-huge-parabolic-move/" target="_blank" rel="noopener noreferrer nofollow">bullish whales remain undeterred</a>, continuing to accumulate ETH from exchanges despite the prevailing market conditions.
On the other hand, Spot Ethereum ETFs have been <a href="https://bitcoinist.com/wall-street-ethereum-spot-etfs/" target="_blank" rel="noopener noreferrer nofollow">experiencing significant activity</a>. Many of these ETFs have registered substantial inflows, with millions of dollars worth of ETH being added. However, these collective inflows have been effectively offset by the outflows from the Grayscale Ethereum Trust ETF (ETHE), which have now exceeded $1.5 billion.
As of this writing, Ethereum is trading at $3,210, a 1.5% decrease over the past 24 hours.&nbsp;
Featured image from Pexels, chart from TradingView

Ethereum Whales Undeterred By Price Drop, Move 3.50 Million ETH

Table of Contents

Bitcoinist

Other articles published on Jul 28, 2024

Justin Sun Questions China’s Crypto Ban While US Braces for Crypto Lead

Rollblock kaufen unter 2 Cent ist wie Solana kaufen unter 10 Dollar – Dogecoin kämpft um wieder T...

ETH, SOL, FIRE: Top cryptocurrencies to watch this week

BinaryX Announces Historic Vote to Burn 74% of BNX Tokens

Trump Promises to Fire SEC Chairman Gary Gensler ‘On Day One’ If Reelected

FLOKI Price Prediction – 25% gains possible, but ONLY if…

Join our free newsletter for daily crypto updates!