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Ethereum Whales Boost Ownership in Response to ETF Buzz
Recent changes in the Ethereum market have attracted the interest of major players sometimes referred to as whales. After spot Ethereum Exchange-Traded Funds (ETFs) were announced, these investors have showed fresh hope demonstrated by a significant Ethereum (ETH) accumulation. Data shows that over the past week Ethereum whales have bought 424,000 ETH, roughly worth at $1.4 billion.
Notable ETH accumulation by whales
Analyst at CryptoQuant Burak Kesmeci pointed out the recent rise in ETH accumulation among significant players. Observed between July 22 and July 28, this trend points to increasing expectation of a possible Ethereum market price rise. According to Kesmeci, net flows of whale wallets containing at least 0.1% of the total ETH supply have always shown positive for the last month.
The trend in accumulation lines with Ethereum’s price recovering from recent lows below the $3,000 level. The enthusiasm around the introduction of spot Ethereum ETFs, which have drawn notable inflows since their launch, is mostly responsible for this increase in interest.
Ethereum ETFs Draw Notable Funding
Particularly into Blackrock, Bitwise, and Fidelity funds, the introduction of spot ETFs has attracted significant investments. Blackrock’s fund, ETHA, experienced the greatest net inflow of $442 million followed by Bitwise’s ETHW with over $265 million and Fidelity’s FESH with about $214 million. Grayscale’s ETHE has kept a net inflow of nearly $164 million despite first outflows.
Over four trading days, these spot Ethereum ETFs—except from ETHE—have attracted investments totaling around $1.17 billion. This notable flood of money points to an increasing institutional interest in Ethereum, which may indicate an upcoming price surge such to that seen in Bitcoin with the opening of its spot ETFs earlier this year.
Ethereum: Positive Price Movement
Starting the week on a good note, the price of ETH shows indications of a comeback. Ethereum has recovered from dropping below $3,200, aiming at the $3,400 mark. The recent whale buildup, typically considered as a positive indication, most certainly had some impact on this rising movement.
With a current market price of $3,385, Ethereum has climbed almost 3.90% in the previous 24 hours. Though trading activity is still low, having dropped by more than 19% in the past day, the market capitalization has also experienced a 3. 71%.
Finally, expecting a possible rally
Together with significant inflows into Ethereum ETFs, the recent amassing of Ethereum by whales suggests a maybe optimistic future for the currency. Growing interest and acceptance inspire market players to be hopeful about a notable ETH price climb. Closely observing these events, investors hope Ethereum will follow the path of Bitcoin in reaction to the launch of spot ETFs.
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