Ethereum’s Price Drop Doesn’t Deter Whales, 3.50 Million ETH Moved

Despite the launch of Spot Ethereum Exchange-Traded Funds (ETFs), the price of Ethereum has not seen a positive impact. Some analysts view the ETF launch as a “sell the news” event, reflected in Ethereum’s price drop to $3,100 from $3,500.

However, on-chain data reveals interesting activity among Ethereum whales, with a significant increase in large transactions recently.

Ethereum’S Price Drop Doesn’T Deter Whales, 3.50 Million Eth Moved

Massive ETH Movements by Ethereum Whales

According to data from IntoTheBlock, Ethereum whales made a significant move of 3.50 million ETH within a 24-hour period on July 24, marking the highest volume since the ETF launch.

The whale activity is tracked based on transactions exceeding $100,000, showing a continuous increase. On July 25, whale transactions reached 3.68 million ETH.

Whale_Alerts also reported notable ETH transactions, signifying institutional demand or accumulation events. While a combination of outflows and accumulations is observed, outflows into exchanges seem to dominate currently.

IntoTheBlock data indicates an increase of 12.42% in inflows and 38.17% in outflows from large wallets over seven days, resulting in a significant outflow dominance.

Current Ethereum Outlook

The Ethereum market depicts dynamic whale activity despite prevailing market conditions. Bullish whales continue to accumulate ETH from exchanges, showing resilience.

While Spot Ethereum ETFs witness substantial activity with significant inflows, outflows from the Grayscale Ethereum Trust ETF (ETHE) have surpassed $1.5 billion, balancing the collective inflows.

At present, Ethereum is priced at $3,210, marking a 1.5% decrease in the last 24 hours.

Image source: Pexels, TradingView

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