Ethereum price skyrockets, with a surge of $603.3 million within an hour — What happened?

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Whale Alert tracked six massive Ethereum transfers: 168,000 ETH transferred

The well-known blockchain tracking platform Whale Alert monitored a series of large cryptocurrency transfers and released details through its official X account. The platform identified six consecutive Ethereum (ETH) transfers, each slightly exceeding $100 million. According to on-chain data, these transactions all occurred within an hour, involving a total of 168,000 ETH, valued at approximately $603 million.

Each transaction amounted to about 27,970 ETH, with a fiat value ranging between $100.5 million and $100.7 million. All transfers occurred between anonymous blockchain addresses, and as of the writing of this article, the specific transfer parties or recipients have not been disclosed.

As this anonymous whale activity unfolded, the price of Ethereum surged significantly, rising nearly 6% from $3,430 to $3,628. However, as of now, the ETH price has seen a slight pullback, down about 1.5%, trading at $3,575.

BlackRock Ethereum ETF reaches a milestone

In this context, Chinese cryptocurrency reporter and blogger Colin Wu reported that on January 3, 2024 (Friday), the Ethereum exchange-traded fund (ETF) welcomed record inflows, with total net inflows reaching $58.78 million. Among them, BlackRock's Ethereum ETF (ETHA) performed particularly well, with a single-day inflow of $33.88 million.

As of now, the total inflows of BlackRock's Ethereum ETF have surpassed $35.59 billion, marking the fund's steady growth in the market.

Bitcoin ETF faces large outflows

However, on the same day, BlackRock's Bitcoin spot ETF IBIT experienced the largest single-day outflow, with an outflow amounting to $332.6 million, equivalent to approximately 3,413 BTC. This is the largest single-day outflow since the Bitcoin ETF was launched, surpassing the outflow record of December 24, 2023 (when it was $188.7 million, about 1,933 BTC).

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