- Ethereum ETFs saw a net purchase of 31,500 ETH, led by Blackrock’s $168.55M accumulation.
- A whale’s 48,500 ETH deposits and extraordinary ROI add potential selling pressure on Ethereum.
- Ethereum’s market dominance may be at a bottom, hinting at a possible rally for altcoins.
Arkham Intel recently reported a notable shift in Ethereum ETF flows. For the first time, weekly flows for ETH ETFs turned positive, with a net purchase of 31,500 ETH, amounting to $75.07 million. Blackrock led the charge, accumulating $168.55 million in ETH. On August 7, Blackrock saw the highest daily inflow, receiving $108.02 million in ETH in just one day.
https://twitter.com/ArkhamIntel/status/1823305751512629366
At press time, Ethereum’s price is $2,711.01, with a 24-hour trading volume of $17.61 billion. The cryptocurrency has gained 1.99% over the last 24 hours. Ethereum’s market capitalization is approximately $326.06 billion, with a circulating supply of 120.27 million ETH coins.
However, Ethereum’s price is facing volatility in the third quarter. Recent data highlights notable movements by a whale initially acquiring 1 million ETH at $0.31. This whale has recently transferred substantial amounts to exchanges.
Over the past month, the wallet has made 17 transactions, all deposits to OKX. The most recent transactions involved 5,000 ETH each. The total of 48,500 ETH deposited is valued at around $154 million at an average price of $3,176 per ETH. This represents an extraordinary 1,024,416% return on investment.
Currently, the whale’s wallet balance stands at 15,600 ETH. It could add $41 million in potential selling pressure if this trend continues. Furthermore, Block Tower Capital has contributed to the selling pressure by offloading 9,232 ETH, worth about $25 million.
https://twitter.com/lookonchain/status/1823186492627484778
Besides these, CryptoYoddha, a veteran crypto trader, notes that Ethereum’s market dominance might have reached a bottom. This could signal a potential rally for alternative cryptocurrencies. Additionally, he predicts that Ethereum could easily reach five figures soon.
While Ethereum faces internal and market pressures, substantial movements by major players and the potential bottom in market dominance present intriguing possibilities for the cryptocurrency’s future.
