Bitrabo Editorial
Major investors in Ethereum, commonly known as whales, are demonstrating increased activity in the market due to positive developments surrounding ETH. This growing optimism is shared by both institutional and retail investors in the cryptocurrency, as evidenced by the recent accumulation of 426,000 ETH in response to the anticipation of spot Ethereum Exchange-Traded Funds (ETFs).
Significant Acquisition of 426,000 ETH by Ethereum Whales
Burak Kesmeci, an analyst at prominent on-chain analytics provider CryptoQuant, observed a surge in ETH accumulation by major investors, igniting hope within the community for a potential price rally in the near future.
Recent data reveals that Ethereum whales purchased 426,000 ETH, valued around $1.4 billion at current prices, within a week, specifically between July 22 and July 28. The expert noted that wallets owned by whales holding at least 0.1% of the total ETH supply consistently showed positive net flows over the past month.
This uptick in accumulation followed a price recovery from recent lows below $3,000, with the spike also attributed to the excitement surrounding the launch of spot Ethereum ETFs, which have attracted substantial inflows since their introduction.
Post the launch of spot ETFs, ETHA from Blackrock received the highest inflow of $442 million, followed by ETHW from Bitwise with over $265 million, and FETH from Fidelity with a net inflow of approximately $214 million. Despite facing outflows initially, ETHE from Grayscale managed to gather over $164 million in net inflows.
In just four trading days, spot Ethereum ETFs excluding ETHE garnered investments exceeding $1.17 billion. Burak expressed confidence in a potential rally for ETH similar to Bitcoin post the debut of spot BTC ETFs earlier this year, anticipating a surge in ETH as adoption grows and becomes more widespread.
ETH Price Trends Positively at the Start of the Week
Ethereum’s price is currently showing favorable momentum, hinting at the possibility of further gains. After dropping to $3,200, the cryptocurrency has rebounded slightly, aiming for the $3,400 price level.
This price recovery could be linked to the increased whale accumulation, with heightened interest and adoption typically viewed as a bullish indicator that could influence prices positively.
As of now, Ethereum has risen by approximately 3.90% in the past day, trading at $3,385. Its market capitalization has also increased by more than 3.71%, although trading volume has dipped by over 19% in the last 24 hours.