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Ethereum

Ethereum Whales Undeterred By Price Drop, Move 3.50 Million ETH

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The anticipated launch of Spot Ethereum Exchange-Traded Funds (ETFs) has yet to translate into a favorable price performance for Ethereum. In fact, some analysts and market participants might argue that the launch of Spot Ethereum ETFs has turned out to be a “sell the news” event.

This viewpoint is bolstered by the recent price activity of Ethereum, which experienced a significant decline, dropping to a low of $3,100 after having traded at the $3,500 price level earlier in the week.

Related Reading: Bitcoin 2024: US Senator Fights To Bring Crypto Back Into The Communities

Despite this, on-chain data provides an intriguing insight. There has been a huge increase in activity among Ethereum whales, with the volume of large transactions recently reaching a monthly high.

Ethereum Whales Move Millions Of ETH

According to on-chain data presented by IntoTheBlock on the social media platform X, the volume of large Ethereum transactions has recently reached a monthly high. Specifically, the large transaction metric indicates that whales moved a substantial 3.50 million ETH within a 24-hour period on July 24, marking the highest volume observed since the launch of Spot Ethereum ETFs.

The large transaction metric from IntoTheBlock tracks the number and volume of transactions exceeding $100,000, categorizing them as whale movements. This metric revealed a continuation in whale activity, allowing it to achieve a consecutive monthly high of 3.68 million ETH on July 25.

Despite decreasing $ETH prices, large transaction volume reached a monthly high following the ETFs release, indicating institutional demand. pic.twitter.com/AjhKuWyPnK

— IntoTheBlock (@intotheblock) July 27, 2024

Whale transaction tracker Whale_Alerts has posted various alerts on significant ETH transactions on social media. It is important to recognize that this activity could represent both outflows into exchanges and accumulation events. A detailed examination of other on-chain metrics suggests a combination of the two, although outflows into exchanges seem to be more predominant at the moment.

According to IntoTheBlock, large wallets have experienced a 12.42% increase in inflows over a seven-day period. Concurrently, outflows from these large wallets have surged by 38.17% within the same timeframe. The net flows over the last seven days results in a negative 100.65%, indicating that outflows have significantly surpassed inflows.

Ethereum is now trading at $3,231. Chart: TradingView

Ethereum Outlook

This on-chain data highlights the dynamic nature of whale activity in the Ethereum market. Although outflows are currently more prominent, a number of bullish whales remain undeterred, continuing to accumulate ETH from exchanges despite the prevailing market conditions.

On the other hand, Spot Ethereum ETFs have been experiencing significant activity. Many of these ETFs have registered substantial inflows, with millions of dollars worth of ETH being added. However, these collective inflows have been effectively offset by the outflows from the Grayscale Ethereum Trust ETF (ETHE), which have now exceeded $1.5 billion.

Related Reading: Solana Memecoin Graveyard: Majority Of June Launches Collapse

As of this writing, Ethereum is trading at $3,210, a 1.5% decrease over the past 24 hours. 

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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