In 2024, Bitcoin has outperformed Ethereum in terms of market cap impact, with each dollar invested in Bitcoin boosting its market cap by $5, compared to just $1.30 for Ethereum.
This suggests that new money flows exert a stronger influence on Bitcoin than on ETH.
In 2024, every $1 invested in #Bitcoin increased its market cap by $5, while for ETH, it was only $1.3.
New money flows have a weaker effect on $ETH than Bitcoin. pic.twitter.com/CtAmmMVL8g
— CryptoQuant.com (@cryptoquant_com) July 26, 2024
Despite recent declines in ETH prices, institutional demand remains robust. Recent large transactions signal renewed whale activity in Ethereum. Two notable multi-signature addresses have made significant moves:
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
1. Address 0x113…439a4 withdrew 7.96 million USDT from OKX and Binance, then acquired 2,580 ETH at an average price of $3,294, totaling approximately $8.5 million.
2. Address 0xc72…a839D pulled 20.34 million stablecoins from Aave and used 1inch to purchase 6,613 ETH at an average price of $3,278, amounting to $21.68 million.
ETH 重回 $3300📈 终于又在链上看到巨鲸大额建仓 $ETH 了！
1️⃣ 多签地址 0x113…439a4 一小时前从 OKX 和 Binance 提出 796 万枚 USDT，随后在链上以均价 $3294 建仓 2580 枚 ETH，价值 850 万美金
2️⃣ 多签地址 0xc72…a839D 三小时前从 Aave 提出 2034 万枚稳定币，随后同样使用 1inch 以均价… pic.twitter.com/0F6ND3tapo
— Ai 姨 (@ai_9684xtpa) July 27, 2024
Ethereum ETH Price Reaction And ETFs Continues Outflow Data
These purchases, totaling 9,193 ETH (about $30.18 million), have driven ETH prices up by $60 in a short period. The similarity in transaction patterns suggests these addresses may be controlled by the same entity or individual.
However, Ethereum ETFs have faced significant outflows recently. The nine ETH ETFs tracked experienced a net outflow of $342 million during the first week of trading, with Grayscale’s ETHE alone seeing a substantial outflow of $356 million.
🚨 US #ETF 26 JUL: 🟢$52M to $BTC and 🔴$163M to $ETH
🌟 BTC ETF UPDATE (final): +$52M
• The 10 Bitcoin ETFs saw a total inflow of $535M this week, with inflows on 4 out of 5 trading days.
• The above inflow figure does not include #Valkyrie (BRRR) data. This ETF has had $0… pic.twitter.com/ewsIejI4OJ
— Spot On Chain (@spotonchain) July 27, 2024
Despite these ETF outflows, the large whale transactions and institutional interest indicate that ETH remains a key area of focus for major investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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