Ethereum's Price Surge Divides Whales as ETF Demand Hits a 10-Month High
Ethereum has seen a significant price surge over the past week, climbing to $2,422 at press time. This represents a 29% gain since last week and is the highest price in roughly four months.
This rally comes as US-listed Ethereum ETFs saw their largest daily inflow since October, taking in $220.77 million on August 20. Total net assets across these funds reached $13.58 billion, a new high since May 11.
However, not all large holders are buying into the price gain. On-chain data shows that whales have been moving both in and out of Ethereum, with some withdrawing substantial amounts from Binance. Abraxas Capital withdrew 18,000 ETH worth $39.56 million, while Lookonchain flagged wallet 0x2d59 as withdrawing 30,000 ETH, valued at $67.42 million.
On the other hand, sellers are active, with 7 Siblings offloading 14,000 ETH for $32.85 million at an average price of $2,346.