The recent market downturn has taken a toll on Ethereum, leaving only 66% of addresses in profit, a significant drop reminiscent of October 2023, when Ethereum was trading around $1,800.

This decline has pushed a substantial portion of Ethereum holders into the red, marking one of the lowest profitability levels seen in nearly a year.

Notably, a whale who participated in Ethereum’s 2015 ICO has been making headlines with large-scale movements of ETH. This whale, who initially acquired 1 million ETH at the ICO price of $0.311, recently transferred 48,500 ETH, worth approximately $154 million, to OKX from the address 0xe1…0Ab7.

Despite these transfers, the address still holds 15,600 ETH, while the entire cluster of addresses linked to this whale is estimated to hold around 682,000 ETH, valued at approximately $1.756 billion.

According to Spotonchain, this ICO whale made another significant move 12 hours ago, depositing an additional 5,000 ETH, worth $13.2 million, to OKX just before Ethereum’s price took a hit.

Since July 8, the whale has deposited a total of 48,501 ETH ($154 million) to OKX, with an average price of $3,173 per ETH. Despite these deposits, the whale still holds 303,500 ETH ($744 million) across two wallets, with 15,600 ETH ($39.8 million) in the wallet frequently used for OKX deposits.

In the short term, Ethereum could face further downward pressure. Analyst Ali Martinez has identified a sell signal on the Ethereum hourly chart using the TD Sequential indicator, suggesting a possible correction to the $2,640–$2,620 range.

Ethereum Dominates In Terms Of Daily Fees 

Despite the current market challenges, Ethereum continues to dominate in terms of daily fees, generating nearly $2.9 million on July 29, 2024, far surpassing Bitcoin’s $595,000. This underscores the ongoing high demand for Ethereum’s blockchain services, particularly in the realms of smart contracts and DeFi applications.

On the investment front, Ethereum spot ETFs saw a net inflow of $105 million last week.

While the Grayscale ETF (ETHE) experienced a net outflow of $180 million, BlackRock’s ETHA ETF and Fidelity’s FETH ETF attracted net inflows of $188 million and $44.65 million, respectively, indicating continued institutional interest in Ethereum despite the market volatility.

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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