Major holders of Ethereum, often referred to as whales (holding between 1,000 and 100,000 ETH), have acquired 1.49 million ETH valued at $3.79 billion over the past 30 days, as reported by Santiment. This group's collective holdings have increased by 3.72%, drawing attention as retail investors sell their positions for profit. Currently, these wallets hold approximately 41.61 million ETH, which constitutes nearly 27% of the total supply of Ether.
The surge in whale activity comes in the context of Ethereum's DeFi ecosystem. Whale transactions in the Ethereum Name Service jumped 313.5% in mid-July, followed by the lending protocol with a 203.8% increase. This reflects a notable interest from larger players despite Ether only seeing a 1.8% and 3.8% increase in value over the last two weeks and month, respectively, according to CoinGecko.
As of current trading, Ether sits at $2,575, approximately 48% lower than its peak price. On the institutional front, the spot ETF for ETH had a significant 19-day inflow period before it recorded a net outflow of $2.1 million, signaling fluctuating market confidence in Ether products.
In another development, shares of sports betting firm SharpLink Gaming dramatically fell 73% following a controversial move related to their ETH holdings, leading to investor concerns. Despite the turbulence faced by the firm, its chairman emphasized that the market response was misinterpreted.
Michael Saylor, a crypto influencer, has been vocaling support for a shift to crypto assets in global finance, further indicating broad interest in Ethereum’s market conditions.
The surge in whale activity comes in the context of Ethereum's DeFi ecosystem. Whale transactions in the Ethereum Name Service jumped 313.5% in mid-July, followed by the lending protocol with a 203.8% increase. This reflects a notable interest from larger players despite Ether only seeing a 1.8% and 3.8% increase in value over the last two weeks and month, respectively, according to CoinGecko.
As of current trading, Ether sits at $2,575, approximately 48% lower than its peak price. On the institutional front, the spot ETF for ETH had a significant 19-day inflow period before it recorded a net outflow of $2.1 million, signaling fluctuating market confidence in Ether products.
In another development, shares of sports betting firm SharpLink Gaming dramatically fell 73% following a controversial move related to their ETH holdings, leading to investor concerns. Despite the turbulence faced by the firm, its chairman emphasized that the market response was misinterpreted.
Michael Saylor, a crypto influencer, has been vocaling support for a shift to crypto assets in global finance, further indicating broad interest in Ethereum’s market conditions.
