The release of nine new Ethereum spot ETFs has significantly influenced whale activity in the cryptocurrency market.

Since July 17, the number of Ethereum (ETH) transfers exceeding $100,000 has surged by 64% compared to Bitcoin (BTC) transfers and by 126% compared to USDT transfers on the Ethereum network.

Despite a recent dip in ETH prices, large holders have been on a buying spree, accumulating 112,900 ETH valued at nearly $390 million. This accumulation far exceeds the $106 million net inflows into the newly launched ETFs.

On the first day of trading, Ethereum ETFs saw significant activity. In the first 30 minutes alone, $59 million worth of ETH ETFs were traded, compared to $183 million for BTC ETFs, resulting in a trading ratio of 32%.

BlackRock’s spot Ethereum ETF, symbolized as ETHA, recorded a substantial inflow of $266.5 million on its first trading day. In contrast, Grayscale’s Ethereum ETF, ETHE, experienced an outflow of $484.1 million on the same day.

Significant Net Flow Of $107 Million Into Ethereum ETFs 

The final update for July 23 indicates a net inflow of $107 million into Ethereum ETFs. Notably, about 5.3% of the ETH held by Grayscale’s ETHE left the fund on the first trading day. Meanwhile, BlackRock’s ETHA and Bitwise’s ETHW ETFs saw robust inflows, each exceeding $200 million.

These developments highlight the growing interest and investment in Ethereum despite market fluctuations. The significant whale activity and the strong performance of Ethereum ETFs underscore the cryptocurrency’s resilience and the market’s confidence in its long-term value. As Ethereum continues to attract substantial investments, its influence in the crypto ecosystem remains formidable.

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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