Ethereum holders amass 113K ETH, outpacing spot ETF inflows

Ether’s has failed to gain any upward traction despite the hype surrounding it. Instead, the altcoin ended up losing nearly 2% over the past 24 hours as it settled near $3,460 despite a strong debut for spot Ethereum ETFs. This tepid price movement contrasts with the strong trading activity recorded by these new investment vehicles on the first day.

However, the resurgence of whaling tells a different story.

Aggressive Ethereum Accumulation

According to the latest data shared by IntoTheBlock, there is a significant trend in Ethereum accumulation despite a recent drop in Ether prices. On July 23rd, the big holders accumulated the huge amount of 112.9 thousand ETH, which is worth almost 390 million dollars.

Such aggressive accumulation by prominent investors suggests a strong belief in Ether’s long-term value and potential. This accumulation even surpassed the $106 million in net inflows seen in spot Ethereum ETFs during the same period.

Meanwhile, BlackRock’s ETHA fund topped the charts with $266.5 million in inflows, followed by the Bitwise ETHW spot ETF, which got off to a solid start with $204 million. The Fidelity FETH fund managed to attract $71 million. On the first day, 21 Shares, Invesco, VanEck and Franklin recorded minor inflows between $7.5 million and $13 million.

Grayscale’s newly converted Ethereum Trust (ETHE) saw an outflow of $484 million.

Ethereum ETFs are unlikely to see spectacular initial capital inflows

In a statement to CryptoPotato, Binance CEO Richard Teng said that while a steady deployment of capital into these ETFs is expected, it is unlikely to be dramatic initially and will fluctuate based on various macroeconomic factors.

“However, I believe the potential for ETF liquidity to grow exponentially is significant. With SEC approval and listing, these ETFs can now be invested by institutions, which typically have a horizon of long-term investment. This institutional involvement could provide a stable and substantial inflow of capital over time.”

Teng pointed to the overwhelmingly positive reception of spot Bitcoin ETFs on their first day of trading and expressed uncertainty about whether Ethereum ETFs will experience the same level of enthusiasm. Still, the Binance executive added that its launch is expected to be significantly bullish for the entire digital asset industry.

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