Major investors, also known as Ethereum whales, are gradually returning to the market following the recent positive developments surrounding ETH, which has shown renewed optimism among institutional and retail investors surrounding the cryptocurrency. According to current data, whales have amassed 426,000 ETH as excitement over the introduction of ETH grows. Spot Ethereum Listed Index Fund (ETF).
Ethereum Whale Acquires 426,000 ETH in One Week
Burak Kesmeci, a proven author and analyst at leading on-chain analytics provider CryptoQuant spotted The recent increase in ETH accumulation among major investors has created hopes within the community that a price rally for the cryptocurrency is imminent.
After observing recent data, the expert reported that Ethereum whales have acquired 426,000 ETH, which is worth about $1.4 billion at the current price, in a week. Specifically, between July 22 and July 28. The analyst also noted that whale wallets hold at least 0.1% of the total ETH. Ethereum There has been a consistent positive net flow throughout the past month.
According to Burak, this surge in accumulation was confirmed after the price recovered from recent lows below $3,000. The expert also attributed the rise to enthusiasm for the spot Ethereum ETF launched last week, which has seen significant inflows since its launch.
After launching spot ETFs last week, Blackrock’s fund ETHA saw the biggest inflows, with $442 million in net inflows. Bitwise’s ETHW came in second with over $265 million in net inflows, while Fidelity’s FETH saw around $214 million in net inflows. Despite having witnessed quite a bit outflow Grayscale’s ETHE saw net inflows of over $164 million on its first day of trading.
The village highlighted that in just four trading days, over $1.17 billion was invested in spot Ethereum ETFs, excluding ETHE. With such a significant inflow rate, Burak is confident that ETH could also see an uptrend similar to what Bitcoin saw after its launch. Spot BTC ETF In January, he said, “Of course, as adaptation increases and becomes easier, I would expect to see a rally similar to what we saw in Bitcoin in ETH.”
ETH price starts the week on a positive note.
The Ethereum price is currently showing positive momentum, sparking sentiment for further gains. After dropping to $3,200 on Sunday, the crypto asset experienced a slight rebound, targeting the $3,400 price level.
This price bounce appears to be due to current whale accumulation, with increased interest and adoption in crypto assets generally being seen as a bullish factor that can impact prices.
As of this writing, Ethereum It recovered about 3.90% over the past day to trade at $3,385. The market cap is up more than 3.71%, but the volume is still negative, with sentiment down more than 19% over the past 24 hours.
Featured image from LinkedIn, chart from Tradingview.com