Ethereum ETF Flows Turn Positive: Will It Start an Uptrend?
Ethereum ETF turn positive strides as more inflows flood the market, with inflows from institutions as Blackrock solidify positivity
The landscape of Ethereum investment is evolving, with a significant shift in sentiment evident in recent ETF flows. For the first time, weekly flows for ETH ETFs turned positive, reflecting a net purchase of 31.5K ETH, equivalent to $75.07 million, in the past week.
Blackrock Investment Influx Push Market Positivity
Notably, the positive trend was due to the investment influx by Blackrock, a leading asset management firm. Blackrock accumulated a substantial $168.55 million worth of ETH, showcasing its confidence in the asset’s future potential.
Moreover, Blackrock’s highest daily inflow occurred on August 7th, when they received a staggering $108.02 million of ETH in a single day.
Additionally, the surge in institutional investment, particularly by a prominent player like Blackrock, carries significant weight. It signifies a growing confidence in the long-term viability and potential of Ethereum, as institutional investors are typically known for their rigorous due diligence and risk-averse approach.
Furthermore, the market influx could channel positive trends that will signal a broader shift in market sentiment towards Ethereum. Moreover, with institutional investors increasingly recognizing the value proposition of the asset, further positive momentum for Ethereum is likely to follow.
$1.756B Ethereum Address Transfers $154M to OKX Exchange
A significant Ethereum transaction, involving the movement of 48,500 ETH (approximately $154 million) from a long-held wallet to an OKX deposit address, has sparked interest in the crypto community.
The wallet, which acquired 1 million ETH at the ICO price of $0.311 per coin in 2015, still holds 15,600 ETH.
The tweet added, “The address still holds 15,600 ETH, and this whale address cluster might hold a total of 682,000 ETH, worth approximately $1.756 billion.”
This whale’s movements are notable both for the vast size of the wallet balance and the potential market implications such significant transfers will cause.
However, the movement of such substantial amounts of ETH by early adopters often carries weight in the market due to the perceived expertise and influence of these individuals.
Nonetheless, the history of large transfers, such as the movement of significant assets by the defunct cryptocurrency lender Genesis, demonstrates this potential impact.
In 2023, Genesis’s transfer of 16.6K BTC (valued at around $1.1 billion) and 166.3K ETH (worth around $521.1 million) led to a notable dip in the price of ETH, dropping from $3,200 to $2,964, representing a loss of over 6%.
