794 Million in ETH in 20 Hours – What’s Happening?

by

As a seasoned researcher with years of experience in the volatile and intriguing world of cryptocurrencies, I find myself both captivated and cautious when observing such developments as the recent massive Ethereum transfers and ETF inflows.

In simpler terms, the well-known blockchain monitoring service, Whale Alert, has identified significant amounts of Ethereum being transferred over the past twenty hours.

Approximately 500 million USD has mysteriously been invested by unidentified large investors (often referred to as “whales”), while Ethereum Exchange-Traded Funds (ETFs) are still drawing in significant amounts of money.

794 million Ethereum on move

Recently mentioned data source has identified significant Ethereum transactions, including a particularly large one, and two more that can be considered extremely sizeable. The transaction with the highest value transferred 143,379 ETH, equivalent to approximately $470 million USD.

Large amounts of Ethereum, specifically 49,115 ETH and 39,067 ETH (equivalent to approximately $161 million and $129 million respectively), were transferred. In total, the four transactions, as reported by Whale Alert, moved over $794 million worth of Ethereum.

Approximately 49,115 Ether was transferred from Genesis Trading to a secret wallet. Subsequent large Ether transfers all originated from an undisclosed source and went to other anonymous wallets.

As a researcher delving into the intricacies of cryptocurrency transactions, I recently observed an interesting movement of funds. Specifically, an amount equivalent to approximately 143,379 Ether, valued at around 470,075,827 USD, was transferred from an unknown source wallet to another yet unidentified recipient wallet. This large-scale transaction raises questions about the nature of these wallets and the parties involved, adding another layer to the complex world of digital currency transactions.

— Whale Alert (@whale_alert) July 30, 2024

BlackRock ETH ETF sees $118 million inflow

Currently, investor inflows are being observed in the newly introduced Ethereum-focused exchange-traded funds. However, it’s only a general trend, as Grayscale’s ETFs (both Bitcoin and Ethereum related) are experiencing significant outflows instead.

The BlackRock’s ETHA ETF experienced the most significant investment inflow, amounting to approximately $118 million. Compared to this, the investments into Fidelity’s FETH and the Grayscale Mini ETF were relatively small at $16.4 million and $12.4 million respectively. Simultaneously, the major Ethereum ETF of Grayscale (ETHE) saw a substantial outflow of around $110 million.

In terms of BlackRock’s Bitcoin ETF (IBIT), it was the sole spot ETF that experienced any investments on Tuesday, with a total of $74.9 million, as reported by the analytics account @spotonchain.

Alert: On July 30th, US ETFs saw a net outflow of $18 million to Bitcoin and a net inflow of $34 million to Ethereum.

— Spot On Chain (@spotonchain) July 31, 2024

Although the SEC’s recent approval of an Ethereum ETF has been successful, it hasn’t significantly affected Ethereum’s price. Currently, Ethereum is being traded at approximately $3,313, having experienced a 12% decline the previous week. However, since then, Ethereum has regained 6.64% of that loss.

Read More

2024-07-31 15:11