The early launch of ethereum Spot exchange-traded funds (ETFs) has eth/ethereum-targets-recovery-3350/” target=”_blank” rel=”noopener nofollow”>Still to be translated in a favorable price performance for ethereum. In fact, some analysts and market participants might argue that the launch of the ethereum spot ETF ethereum/eth-price-spot-ethereum-etfs/” target=”_blank” rel=”noopener nofollow”>has turned out to be a “sell the news” event.
This view is reinforced by the recent price activity of ethereum, which saw a significant drop, falling to a low of $3,100 after trading at the $3,500 price level earlier in the week.
Despite this, on-chain data provides an intriguing perspective. There has been a huge surge in activity among ethereum whales, with large transaction volume recently hitting a monthly high.
ethereum whales move millions of eth
According to on-chain data presented by IntoTheBlock on social media platform x, ethereum’s large transaction volume has recently hit a monthly high. Specifically, the large transaction metric indicates that whales moved a substantial 3.50 million eth in a 24-hour period on July 24, marking the highest volume observed since the launch of ethereum spot ETFs.
IntoTheBlock’s Large Transactions metric tracks the number and volume of transactions exceeding $100,000, classifying them as whale movements. This metric revealed a continuation of whale activity, allowing it to reach a consecutive monthly high of 3.68 million eth on July 25.
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Despite the decline twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$Ether prices, high trading volume hit a monthly high following the launch of the ETFs, indicating institutional demand. photo.twitter.com/AjhKuWyPnK
— On the Block (@intotheblock) twitter.com/intotheblock/status/1817213572981698902?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>July 27, 2024
Whale_Alerts whale transaction tracker x.com/whale_alert/status/1817283600330445085″ target=”_blank” rel=”noopener nofollow”>has published several alerts
According eth/deep-dive?group=ownership&chart=concentration” target=”_blank” rel=”noopener nofollow”>In the blockLarge wallets have seen a 12.42% increase in inflows over a seven-day period. At the same time, outflows from these large wallets have increased by 38.17% over the same period. Net flows over the past seven days are negative by 100.65%, indicating that outflows have significantly outpaced inflows.
ethereum Outlook
This on-chain data highlights the dynamic nature of whale activity in the ethereum market. While outflows are currently more prominent, a number of Bullish whales remain unfazedcontinuing to accumulate eth on exchanges despite prevailing market conditions.
On the other hand, ethereum Spot ETFs have been experiencing significant activityMany of these ETFs have seen substantial inflows, with millions of dollars worth of eth. However, these collective inflows have been effectively offset by outflows from the Grayscale ethereum Trust ETF (ETHE), which have now exceeded $1.5 billion.
At the time of writing, ethereum is trading at $3,210, down 1.5% over the past 24 hours.
Featured image from Pexels, chart from TradingView
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