Ethereum Whales Rapidly Accumulate ETH Amid Price Decline
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Ethereum whales have been actively accumulating ETH, with on-chain data showing significant purchases despite the token's price decline. On July 24, whales bought 297,670 ETH, and the previous day saw almost 400,000 ETH accumulated. Inflows into these addresses increased by over 28% in the last seven days.
Market intelligence platform IntoTheBlock observed a 14% decline in outflows from these accounts over the last week, indicating a bullish sentiment towards Ethereum. The netflow metric, highlighting whale activities, showed a significant increase of over 313%, pointing to heavy accumulation.
On-chain analytics platform Santiment attributed the increase in whale activity to the launch of Spot Ethereum ETFs on July 23. The volume of ETH transfers exceeding $100,000 has surged, outpacing BTC and USDT transfers. Analysts had predicted a bullish impact from these funds, potentially driving ETH's price to $4,000.
Despite initial enthusiasm, historical trends suggest that the launch of Spot Ethereum ETFs might create initial selling pressures, similar to Bitcoin's experience with Spot Bitcoin ETFs earlier this year. Grayscale's Ethereum Trust experienced a net outflow of $484.1 million on the first trading day.
Data from Farside Investors indicated a net outflow of $326.9 million on July 24, suggesting potential significant selling pressures from these funds in the short term, which could impact ETH's price trajectory.
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