Ethereum (ETH) Price Reaction And ETFs Continues Outflow Data

These purchases, totaling 9,193 ETH (about $30.18 million), have driven ETH prices up by $60 in a short period.

Bitcoin outperformed Ethereum in terms of market cap impact in 2024, with each dollar invested in BTC boosting its market cap by $5, compared to just $1.30 for ETH, suggesting that new money flows exerted a stronger influence on Bitcoin than on Ether.

Meanwhile, institutional demand for Ethereum remained robust despite recent declines in ETH prices, with large transactions signaling renewed whale activity in the second-largest cryptocurrency by market capitalization.

As reported by IntoTheBlock, large transaction volume reached a monthly high following the ETF release, indicating institutional demand for ETH.

Two notable multi-signature addresses made significant moves on July 27, 2024. Address 0x113…439a4 withdrew 7.96 million Tether (USDT) from OKX and Binance, then acquired 2,580 ETH at an average price of $3,294, totaling approximately $8.5 million.

Another address, 0xc72…a839D, pulled 20.34 million stablecoins from Aave and used decentralized exchange 1inch to purchase 6,613 ETH at an average price of $3,278, amounting to $21.68 million.

These large ETH purchases, totaling 9,193 ETH (about $30.18 million), drove ETH prices up by $60 in a short period of time. The similarity in transaction patterns also suggested that these addresses may be controlled by the same entity or individual.

On the other hand, Ethereum ETFs faced significant outflows, with the nine ETH ETFs tracked experiencing a net outflow of $342 million during the first week of trading. Grayscale’s ETHE ETF saw a substantial outflow of $356 million.

“US ETF 26 JUL: GBD$52M to BTC and GBD$163M to ETH,” Spot On Chain tweeted on July 27, 2024.

“The 10 Bitcoin ETFs saw a total inflow of $535M this week, with inflows on 4 out of 5 trading days. The above inflow figure does not include Valkyrie (BRRR) data. This ETF has had $0 inflows and outflows for the past 4 days.”

The large whale transactions and institutional interest in ETH signaled that the second-largest cryptocurrency remained a key area of focus for major investors, despite the ETF outflows.

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