Ethereum

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<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

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