The release of nine new Ethereum spot ETFs has significantly influenced whale activity in the cryptocurrency market.
🐳 Whale activity is clearly being impacted by the release of Ethereum's 9 new spot ETF's. Since July 17th, the amount of ETH transfers exceeding $100K in value is +64% higher than the amount of BTC transfers, and +126% than the amount of USDT (on ETH) transfers. 🤯 pic.twitter.com/SnLem6ko5G
— Santiment (@santimentfeed) July 23, 2024
Since July 17, the number of Ethereum (ETH) transfers exceeding $100,000 has surged by 64% compared to Bitcoin (BTC) transfers and by 126% compared to USDT transfers on the Ethereum network.
🐳 Whale activity is clearly being impacted by the release of Ethereum's 9 new spot ETF's. Since July 17th, the amount of ETH transfers exceeding $100K in value is +64% higher than the amount of BTC transfers, and +126% than the amount of USDT (on ETH) transfers. 🤯 pic.twitter.com/SnLem6ko5G
— Santiment (@santimentfeed) July 23, 2024
Despite a recent dip in ETH prices, large holders have been on a buying spree, accumulating 112,900 ETH valued at nearly $390 million. This accumulation far exceeds the $106 million net inflows into the newly launched ETFs.
Despite a drop in $ETH prices yesterday, large holders accumulated 112.9k ETH, valued at nearly $390 million.
This accumulation notably surpasses the $106 million net inflows to the ETF. pic.twitter.com/b22FMWogHa
— IntoTheBlock (@intotheblock) July 24, 2024
On the first day of trading, Ethereum ETFs saw significant activity. In the first 30 minutes alone, $59 million worth of ETH ETFs were traded, compared to $183 million for BTC ETFs, resulting in a trading ratio of 32%.
🚨JUST IN: In the first 30 minutes of trading, $59 million worth of $ETH #ETFs were traded, compared to $183 million for $BTC. This represents a ratio of 32%. – @MATTHEW_SIGEL#Ethereum . #BTC
— CoinEcho (@mycoinecho) July 23, 2024
BlackRock’s spot Ethereum ETF, symbolized as ETHA, recorded a substantial inflow of $266.5 million on its first trading day. In contrast, Grayscale’s Ethereum ETF, ETHE, experienced an outflow of $484.1 million on the same day.
‼️ BREAKING: On the first day of trading, #Grayscale @Grayscale #Ethereum [#ETH] #ETF, symbolized as $ETHE [#ETHE], witnessed an outflow of $484.1 million. pic.twitter.com/SCmfrQTtEr
— CoinEcho (@mycoinecho) July 24, 2024
Significant Net Flow Of $107 Million Into Ethereum ETFs
The final update for July 23 indicates a net inflow of $107 million into Ethereum ETFs. Notably, about 5.3% of the ETH held by Grayscale’s ETHE left the fund on the first trading day. Meanwhile, BlackRock’s ETHA and Bitwise’s ETHW ETFs saw robust inflows, each exceeding $200 million.
🚨 US #ETF 23 JUL: -$78M to $BTC and +$107M to $ETH
🌟 BTC ETF UPDATE (final): -$78M
• This is the first negative net flow in the past 13 trading days.
• Only #BlackRock (IBIT) had an inflow yesterday.
🌟 ETH ETF UPDATE (final): +$107M
• Around 5.3% of the $ETH held by… pic.twitter.com/5Nej6QweLj
— Spot On Chain (@spotonchain) July 24, 2024
These developments highlight the growing interest and investment in Ethereum despite market fluctuations. The significant whale activity and the strong performance of Ethereum ETFs underscore the cryptocurrency’s resilience and the market’s confidence in its long-term value. As Ethereum continues to attract substantial investments, its influence in the crypto ecosystem remains formidable.
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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