Ethereum Whales Accumulate $58M in ETH as Price Holds Above $1,900
Key Takeaways
- •A whale purchased 27,000 ETH valued at $52.03 million through Galaxy Digital OTC, ending three months of wallet inactivity.
- •Arthur Hayes accumulated 3,270 ETH worth approximately $6.27 million over an eight-day period, including a latest acquisition of 644.34 ETH.
- •Ethereum's Spot Netflow turned negative at approximately -$16 million after five consecutive days of positive readings, indicating more ETH was withdrawn from exchanges than deposited.
- •U.S. Spot Ethereum ETFs recorded $37.47 million in net inflows on July 21, with BlackRock's ETHA attracting $52.79 million while Fidelity's FETH saw $15.32 million in outflows.
- •The Bulls versus Bears indicator held positive for three weeks at a reading of 62, and the MACD continued rising, signaling improved bullish momentum.
Ethereum maintained its position above $1,900 for four consecutive daily closes, a streak not recorded in over a month. At press time, Ethereum [ETH] was trading near $1,914 following a 0.79% decline over the preceding 24 hours.
With ETH defending this support level, two large buyers collectively added more than 30,000 tokens across separate transactions.
Whale Accumulation Activity
According to on-chain analytics platform Lookonchain, a whale purchased 27,000 ETH valued at $52.03 million through Galaxy Digital OTC. Galaxy Digital is a digital asset financial services firm that facilitates over-the-counter trades for institutional-scale buyers. This transaction marked a notable return to the market after three months of wallet inactivity.
Lookonchain also reported that Arthur Hayes acquired an additional 644.34 ETH worth $1.25 million. Hayes, the co-founder and former CEO of the BitMEX crypto derivatives exchange, is a closely watched figure in crypto markets whose on-chain activity is frequently tracked by analysts. This latest purchase brought his eight-day accumulation total to 3,270 ETH, acquired for approximately $6.27 million.
Together, these two transactions reflected renewed demand from large buyers as Ethereum held firm above the $1,900 threshold.
Negative Spot Netflow Signals Exchange Withdrawals
Ethereum's Spot Netflow turned negative after five consecutive days of positive readings. At press time, Spot Netflow stood near -$16 million, indicating that more ETH was withdrawn from exchanges than deposited. Exchange withdrawals can reduce immediately available selling supply, though they do not guarantee continued price appreciation.
Institutional Demand via U.S. Spot Ethereum ETFs
U.S. Spot Ethereum ETFs, which began trading in July 2024 and allow regulated exposure to ETH without direct custody, recorded improving demand during the week. Verified data for July 21 showed $37.47 million in net inflows, extending the positive streak to three sessions. BlackRock's ETHA attracted $52.79 million in inflows, while Fidelity's FETH recorded $15.32 million in net outflows.
These flows indicated renewed institutional interest, although three positive sessions alone do not establish long-term positioning.
Technical Indicators and the $2,000 Level
Ethereum's Bulls versus Bears indicator reportedly remained positive for three weeks and reached a reading of 62. The Moving Average Convergence Divergence (MACD) reportedly continued rising, suggesting improved bullish momentum.
If whale demand and ETF inflows persist, ETH could retest the psychological resistance level near $2,000. A sustained move above that threshold would provide stronger confirmation than wallet activity alone.