In the past three weeks, Ethereum’s open interest has surged by approximately $1.5 billion, signaling increased activity in leveraged trading and accompanying volatility.

On-chain reports reveal that a major whale deposited 25,800 ETH, valued at $87 million, into Binance today.

This follows a period where the same whale withdrew 26,721 ETH from Binance at around $3,457 per ETH between May 31 and July 25, and subsequently deposited 26,660 ETH at approximately $3,376 on July 17 and 29. This transaction results in an estimated loss of $2.16 million, or about 2.34%.

In addition to whale movements, Ethereum whales added over 426,000 ETH to their wallets last week, demonstrating a continued accumulation trend. This increase coincides with Ethereum’s rebound from recent lows below $3,000.

The growing adaptation of Ethereum, particularly with the launch of Spot ETFs, is fueling expectations of a rally similar to Bitcoin’s recent performance.

Notable Ethereum ETH ETFs Data To Monitor 

The week of July 22 to 28 saw significant investment in Ethereum Spot ETFs. BlackRock’s ETHA received $442 million in net inflows, Bitwise’s ETHW attracted $265.9 million, and Fidelity’s FETH secured $219.4 million.

Additionally, Grayscale’s Ethereum ETF, known for having the lowest transaction fees, brought in $164 million. Overall, Ethereum Spot ETFs saw over $1.17 billion in investments within just four trading days.

The ongoing accumulation by Ethereum whales and the robust interest in Spot ETFs suggest a potentially intense competition between these two groups in the near future. As both continue to build their positions, Ethereum’s market dynamics are likely to experience significant shifts.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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