Ethereum Spot Exchange-Traded Funds (ETFs) Launch Expected yet to be translated on Ethereum’s favorable price performance. In fact, some analysts and market participants may argue that the launch of the Spot Ethereum ETF it turned out that sell the message event.

This view is reinforced by recent price activity on Ethereum, which has seen a significant decline, reaching $3,100 after trading at $3,500 earlier in the week.

Still, the on-chain data provides intriguing insight. There has been a huge escalate in activity among Ethereum whales, with gigantic transaction volumes recently hitting a monthly high.

Ethereum whales move millions of ETH

According to on-chain data provided by IntoTheBlock on social media platform X, Ethereum’s gigantic transaction volume recently reached a monthly high. Specifically, the gigantic transaction metrics indicate that whales moved a significant 3.50 million ETH in 24 hours on July 24, marking the highest volume seen since the launch of the Spot Ethereum ETF.

The gigantic transaction metric from IntoTheBlock tracks the number and volume of transactions exceeding $100,000, classifying them as whale movements. This metric revealed continued whale activity, allowing it to reach another monthly high of 3.68 million ETH on July 25.

Despite the decrease $ETH prices, high trading volume reached a monthly peak following the ETF release, indicating institutional demand. photo:twitter.com/AjhKuWyPnK

— IntoTheBlock (@intotheblock) July 27, 2024

Whale Transaction Tracker Whale_Alerts posted various alerts on significant ETH social media transactions. It is essential to realize that this activity could represent both outflows to exchanges and accumulation events. Detailed examination of other on-chain metrics suggests a combination of both, although outflows to exchanges seem to be more dominant at present.

According to To the Blockgigantic portfolios saw an escalate in inflows of 12.42% over the seven-day period. At the same time, outflows from these gigantic portfolios increased by 38.17% over the same period. Net flows over the last seven days are negative 100.65%, indicating that outflows have significantly outpaced inflows.

Ethereum prospects

This on-chain data highlights the vigorous nature of whale activity in the Ethereum market. While outflows are more evident now, many bull whales remain undeterredcontinuing to accumulate ETH from exchanges despite prevailing market conditions.

On the other hand, Spot Ethereum ETFs were experiencing significant activity. Many of these ETFs have seen significant inflows, with millions of dollars worth of ETH added. However, these collective inflows have been effectively offset by outflows from the Grayscale Ethereum Trust ETF (ETHE), which have already exceeded $1.5 billion.

At the time of writing, Ethereum is trading at $3,210, down 1.5% in the last 24 hours.

Featured image from Pexels, chart from TradingView