While the uncertainty in the Ethereum price continues, whales are observed to make large purchases. One Ethereum whale in particular made more than $38 million in profits, a 100% gain. Additionally, demand for Ethereum ETFs reached $1.6 billion.
Ethereum (ETH) price has been following a fluctuating trend recently. There had been a recovery in the past few days, but the decline in recent hours has increased market uncertainty. However, data provided by Lookonchain shows that Ethereum whales are making large purchases, which could create a bullish sentiment in the market.
According to data released by Lookonchain on August 2, a major Ethereum whale has made a remarkable profit. This whale made 100% gains on ETH transactions and made more than $38 million in profits since 2022. It is stated that since May 29, the whale purchased 17,012 ETH at a cost of $61 million. The latest purchase took place approximately five hours before Lookonchain's report and it was seen that 4,000 ETH worth $ 12.58 million was purchased.
In May 2024, the US Securities and Exchange Commission (SEC) approved nine Ethereum spot ETFs, and trading began in July. This has driven institutional investors to Ethereum, backed by major funders and asset managers such as BlackRock. Most ETFs experienced a $456 million outflow due to Grayscale's sell-off. However, the other eight Ethereum ETFs totaled around $1.6 billion, indicating high demand for Ethereum.
BlackRock's iShares Ethereum fund (ETHA) alone generated $712.80 million in inflows, representing the largest volume of capital.
The current price of Ethereum presents a different picture. There was a decrease of 2.74% in the last 24 hours and ETH fell to the level of $ 3,041. It was also observed that the price fell below $ 3,000 for a short time. Market volume also fell to 365.5 billion dollars.
Despite this decrease in price and market volume, there was an increase of 8.48% in transaction volume and the transaction volume increased to 21.2 billion dollars. The fact that the purchases of whales and the increase in transaction volume coincide with the same period may indicate that there is an expectation of a price increase in the market.
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