According to U.Today, Ethereum scaling solution Polygon (MATIC) has experienced a significant increase in large transaction volume, indicating heightened activity from major investors. Data from IntoTheBlock reveals that Polygon reported $152.75 million in large transaction volume over the past 24 hours, marking a 745.3% surge. This spike coincides with the recent launch of Ethereum exchange-traded funds (ETFs) in the United States, a notable development for the cryptocurrency sector.
Ethereum ETFs began trading in the U.S. on Tuesday, offering a new investment vehicle for the world's second-largest cryptocurrency. On their first day, these ETFs garnered a net inflow of $107 million. BlackRock Inc.'s iShares Ethereum Trust led with a net inflow of $267 million, followed by Bitwise's Ethereum Trust at $204 million, and the Fidelity Ethereum Fund at $71 million. Over $1 billion in shares were traded across the nine Ethereum ETFs, which launched six months after the approval of the first U.S. spot Bitcoin ETFs. This year, spot Bitcoin ETFs have seen a net influx of over $17 billion.
The positive sentiment surrounding Ethereum has extended to Polygon, resulting in a surge in whale activity. On-chain analytics firm Santiment reports that the launch of Ethereum's nine new spot ETFs has significantly impacted whale behavior. Since July 17, the number of Ethereum transactions exceeding $100,000 has been 64% higher than Bitcoin transactions and 126% higher than USDT transactions. This increased activity underscores the growing interest and investment in Ethereum and its associated networks like Polygon.