ethereum whales, also known as large investors, are gradually returning to the market following the recent positive developments around eth, demonstrating renewed optimism among institutional and retail investors around the crypto asset. Current data shows that whales have accumulated 426,000 eth in light of the growing enthusiasm for the introduction of ethereum Spot Exchange Traded Funds (ETFs).
ethereum whales acquire 426,000 eth in a week
Burak Kesmeci, verified author and analyst at leading on-chain analytics provider CryptoQuant, x.com/burak_kesmeci/status/1817570419957785023″ target=”_blank” rel=”noopener nofollow”>stained the recent surge in eth accumulation among major investors, which has raised hopes within the community about an imminent potential price rally for the crypto asset.
Looking at recent data, the expert reported that ethereum whales acquired 426,000 eth, worth approximately $1.4 billion at its current price in one week, specifically between July 22 and July 28. The analyst also noted that the wallets of whales holding at least 0.1% of the total amount of Ethnicity have continuously shown positive net flows throughout the previous month.
According to Burak, this surge in accumulation was identified after a price recovery from recent lows below the $3,000 threshold. The expert also attributed the rally to the frenzy around the launch of ethereum spot ETFs last week, which saw significant inflows since their inception.
Following the launch of spot ETFs last week, Blackrock’s ETHA fund saw the largest inflow of capital, with a net inflow of $442 million. Bitwise’s ETHW came in second with over $265 million in net inflows, while Fidelity’s FETH saw a net inflow of around $214 million. Despite witnessing significant changes money outflows On the first day of trading, Grayscale’s ETHE managed to accumulate a net inflow of over $164 million.
Burak highlighted that in just 4 trading days, ethereum spot ETFs excluding ETHE have received investments totaling over $1.17 billion. Due to the rate of these substantial inflows, Burak is confident that a rally for eth like the one seen with bitcoin following the start of btc Spot ETF in January. “Of course, as adaptation increases and becomes easier, we would expect a rally similar to what we see in bitcoin to occur on eth,” he said.
eth price starts the week on a positive note
ethereum price is currently showing positive momentum, leading to sentiment for further gains. After falling to $3,200 on Sunday, the crypto asset has seen a slight rebound, targeting the $3,400 price level.
This price rally could be attributed to the current whale accumulation, as increased interest and adoption around a crypto asset is largely seen as a bullish factor that could impact prices.
At the time of writing, ethereum Over the past day, the company rallied by 3.90% and was trading at $3,385. Its market cap has seen a rally of over 3.71%, but its trading volume continues to show negative sentiment as it has fallen by over 19% over the past 24 hours.
Featured image from LinkedIn, chart from Tradingview.com
