According to IntoTheBlock, Ethereum's large transaction volume recently reached a monthly peak of over $11.8 billion.
This surge is the highest of the month and the largest movement in the last two months (last seen in May).
The surge in large trades coincided with the approval of an Ethereum-based exchange-traded fund (ETF). The participation of these institutions in the market can lead to increased trading volumes.
What direction is #BTC trading volume moving in? An analysis of monthly net flows on Ethereum exchanges based on CryptoQuant data shows that positive net flows predominate.
This indicates that more Ethereum (ETH) has been transferred to the exchange than has been withdrawn. Such trends usually indicate that holders are getting ready to sell their assets. In addition, the surge in positive net flows seen in July is indicative of this trend.
The largest outflow was around -43,000, indicating a significant withdrawal of #BTC from the exchange in a single day, while the largest inflow was over 125,000. Over the past few days, Ethereum has experienced a downtrend: according to AMBCrypto's analysis, ETH was trading at around $3,249 on July 27, a decline of less than 1%.
Now ETH is trading at around $3,224, and the downtrend continues, albeit slightly.
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