The launch of Spot Ethereum Exchange-Traded Funds (ETFs) has yet to yield a positive price reaction for Ethereum. In fact, some analysts argue that the event has triggered a “sell the news” scenario. Ethereum’s price recently fell from around $3,500 to a low of $3,100.
Despite this price drop, on-chain data reveals notable activity among Ethereum whales. According to IntoTheBlock, there was a significant surge in large Ethereum transactions, reaching a monthly high. On July 24, whales moved 3.50 million ETH within 24 hours, the highest volume since the ETFs’ debut. The following day, large transaction volume hit a new monthly high of 3.68 million ETH.
The large transaction metric from IntoTheBlock, which tracks transactions over $100,000, shows continued whale activity. This activity might involve both movements into exchanges and accumulation. Currently, the data suggests that outflows to exchanges are more prevalent.
IntoTheBlock reports a 12.42% increase in inflows into large wallets over the past week, while outflows surged by 38.17%. This results in a net negative flow of 100.65%, indicating that outflows significantly exceed inflows.
Ethereum is trading at $3,231. Although Spot Ethereum ETFs are seeing substantial activity and inflows, these have been offset by significant outflows from the Grayscale Ethereum Trust ETF (ETHE), which have surpassed $1.5 billion.
At the time of writing, Ethereum’s price stands at $3,210, reflecting a 1.5% decrease over the past 24 hours.