Whales Accumulate 856,554 ETH Worth $3.2 Billion Amid ETF Outflows

Ethereum (ETH) has seen a rally from $2,500 to over $3,900, attracting significant interest from large investors. Key developments include:

  • Since July 9, 14 new addresses have purchased 856,554 ETH, valued at $3.2 billion.
  • Three fresh wallets bought 63,837 ETH ($236 million) through FalconX and Galaxy Digital’s OTC services.
  • BitMine Immersion accumulated around $300 million in ETH within the first three days of August.
  • The latest accumulation led to a 3% increase in ETH price, reaching $3,650.

Market sentiment remains neutral, with fluctuations between 50 and 55. Current total market value is $3.74 trillion, gaining approximately $40 billion recently. However, US spot ETH ETFs experienced net outflows of $153.3 million and $465.1 million in early August, predominantly from BlackRock’s ETHA fund. Additionally, crypto-related investment products reported $223 million in outflows, ending a 14-week inflow streak.

Short-term holders are selling, potentially exerting pressure on digital assets for several weeks. No major negative catalysts are currently affecting the market.