Ethereum holders accumulate 113,000 ETH, outpacing spot ETF inflows

Ether has failed to gain bullish momentum despite the hype surrounding it. Instead, the altcoin ended up losing almost 2% over the past 24 hours, while hovering around $3,460 despite the strong debut of ethereum spot ETFs. This tepid price movement contrasts with the strong trading activity recorded by these new investment vehicles on the first day.

However, the resurgence of whale aggregation tells a different story.

Aggressive ethereum accumulation

According to the latest data x.com/intotheblock/status/1816019253486588352″ target=”_blank” rel=”noopener” data-wpel-link=”external”>data According to IntoTheBlock, there is a significant trend in ethereum accumulation despite a recent drop in Ether prices. On July 23, large holders accumulated a whopping 112.9 thousand eth, which is equivalent to almost $390 million.

This aggressive accumulation by prominent investors suggests a strong belief in the value and long-term potential of Ether. This accumulation even surpassed the $106 million net inflows seen in spot ethereum ETFs over the same period.

Meanwhile, BlackRock’s ETHA fund topped the charts with $266.5 million in inflows, followed by Bitwise’s ETHW spot ETF, which got off to a solid start with $204 million. Fidelity’s FETH fund managed to attract $71 million. 21 Shares, Invesco, VanEck and Franklin all saw smaller inflows, between $7.5 million and $13 million, on the first day.

Grayscale's recently converted ethereum Trust (ETHE) saw an outflow of $484 million.

ethereum ETFs are unlikely to experience dramatic initial capital inflows

In a statement to CryptoPotato, Richard Teng, CEO of Binance, said that while a steady deployment of capital into these ETFs is anticipated, it is unlikely to be dramatic initially and will fluctuate based on various macroeconomic factors.

“However, I believe the potential for ETF liquidity to grow exponentially is significant. With SEC approval and listing, institutions, which typically have a long-term investment horizon, can invest in these ETFs. This institutional participation could provide a stable and substantial inflow of capital over time.”

Teng highlighted the overwhelmingly positive reception of bitcoin spot ETFs on their first day of trading and expressed uncertainty over whether ethereum ETFs will experience the same level of enthusiasm. Still, the Binance executive added that their launch is expected to be significantly bullish for the entire digital asset industry.

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