Ethereum

Accumulate

Bitcoin

Spot

<p><a href="https://bitcoinist.com/ethereum-accumulation-in-top-gear/" rel="nofollow">Ethereum whales</a> have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap. This comes amid a price decline in <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-headed-to-4000/#:~:text=Crypto%20analyst%20Linda%20has%20made,to%20such%20a%20price%20surge.">ETH’s price</a>, with history <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">suggesting</a> that the crypto token might suffer more price declines in the short term.&nbsp;</p> 
<h2 id="whales-accumulate-more-eth">Whales Accumulate More ETH</h2> 
<p>Data from the market intelligence platform <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/" rel="nofollow">IntoTheBlock</a> shows that Ethereum Whales bought 297,670 ETH ($1 billion) on July 24. The previous day, these whales also bought almost 400,000 ETH. Further data shows an increase of over 28% in the inflows into these <a href="https://www.newsbtc.com/news/bitcoin-whales-buy-dip-addresses-now-at-pre-crash-levels/">whales’ addresses</a> in the last seven days.&nbsp;&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631543" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-1-2.png?w=460&amp;resize=460%2C328" alt="Ethereum 1" width="460" height="328" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-1-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-1-2.png?w=460&amp;resize=460%2C328 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-1-2.png?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-1-2.png?w=350 350w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The decline in outflows from these addresses further highlights these investors’ bullish sentiment towards Ethereum despite its <a href="https://bitcoinist.com/xrp-price-action-legal-expert/" rel="nofollow">underperformance</a>. Outflows from these accounts have declined by over 14% in the last seven days and down by over 16% in the last 30 days.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631544" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-2-2.png?w=460&amp;resize=460%2C321" alt="Ethereum 2" width="460" height="321" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-2-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-2-2.png?w=460&amp;resize=460%2C321 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The <a href="https://bitcoinist.com/ethereum-exchange-netflows-highest-march-eth/" rel="nofollow">large holders’ netflow metri</a>c on IntoTheBlock also highlights this wave of accumulation among Ethereum whales, as net flows have increased by over 313%. This means that these investors are heavily accumulating rather than opting to sell their ETH holdings.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631545" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-3.png?w=460&amp;resize=460%2C156" alt="Ethereum 3" width="460" height="156" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-3.png?w=460&amp;resize=460%2C156 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>On-chain analytics platform Santiment noted that this significant increase in ETH’s whale activity is due to the <a href="https://bitcoinist.com/ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week." rel="nofollow">Spot Ethereum ETFs</a>, which began trading on July 23. The platform made this observation while revealing that since July 17, the amount of ETH transfers has exceeded over $100,000 in value, which is over 64% higher than the number of BTC transfers and over 126% higher than the USDT transfers on the <a href="https://bitcoinist.com/ethereum-network-now-cheapest-6-months-what-means/" rel="nofollow">Ethereum network</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-631546" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-4.png?w=460&amp;resize=460%2C316" alt="Ethereum 4" width="460" height="316" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum-4.png?w=460&amp;resize=460%2C316 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The Spot Ethereum ETFs had undoubtedly presented a bullish outlook for Ethereum even before they launched, as crypto analysts like RLinda <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-headed-to-4000/#:~:text=Crypto%20analyst%20Linda%20has%20made,to%20such%20a%20price%20surge.">predicted</a> that ETH could rise to $4,000 thanks to these funds. As such, it is no surprise that Ethereum whales continue to accumulate the crypto token in anticipation of higher prices from ETH.&nbsp;</p> 
<h2 id="the-spot-ethereum-etfs-launch-might-be-a-headwind-at-first">The Spot Ethereum ETFs Launch Might Be A Headwind At First</h2> 
<p>The Spot Ethereum ETFs were <a href="https://bitcoinist.com/altcoin-season-ethereum-breakout/" rel="nofollow">projected</a> to be the catalyst that would spark a <a href="https://bitcoinist.com/ethereum-primed-for-huge-parabolic-move/" rel="nofollow">massive rally</a> in ETH’s price, and that is likely to happen at some point. However, history suggests these funds may act as a headwind for Ethereum at first, similar to the fate that Bitcoin suffered immediately after the <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">Spot Bitcoin ETFs launched</a> earlier this year.&nbsp;</p> 
<p>Bitcoin experienced significant price declines, largely thanks to the outflows from <a href="https://bitcoinist.com/fidelity-gbtc-spot-bitcoin-etfs/" rel="nofollow">Grayscale’s Bitcoin Trust (GBTC)</a>. A similar situation is already playing out for ETH with Grayscale’s Ethereum Trust (ETHE). Interestingly, Grayscale’s ETHE <a href="https://x.com/FarsideUK/status/1815889553653149811" rel="nofollow">experienced</a> a net outflow of $484.1 million on day 1 of trading, much larger than the net outflows GBTC experienced on day 1, and GBTC is bigger.&nbsp;</p> 
<p>Considering this, Ethereum could face significant selling pressure from Grayscale’s ETHE. <a href="https://x.com/FarsideUK/status/1816318386596393063" rel="nofollow">Data</a> from Farside Investors shows that the Spot Ethereum ETF experienced a net outflow of $326.9 million on July 24 (day 2), likely just the start of the massive outflows that could eventually pour out from the fund.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/9DMR6Dvu/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1518">

Ethereum Whales Rapidly Accumulate ETH Amid Price Decline

Table of Contents

NewsBTC

Další články publikované 25. 7. 2024

Emerging Players in DePIN: a Closer Look at NeurochainAI’s Token Launch and Node Staking

How Kamala Harris Bitcoin Remarks Could Impact the 2024 Presidential Election

BlackRock CEO concerned after crypto surge boosts Bitcoin, Ethereum and XRP prices

Ferrari to Extend Cryptocurrency Payments to Europe by July End

Celestia’s New Rival Launches in Mainnet: What is Avail DA?

Revolutionary W5 Wallet: Say Goodbye to Gas Fees Forever!

Join our free newsletter for daily crypto updates!