Large Holders Accumulate 112.9k ETH Amid Price Drop
blockchainreporter.net 24 July 2024 20:01, UTC Despite a recent drop in Ethereum ($ETH) prices, large holders have accumulated 112.9k ETH, valued at nearly $390 million. This substantial accumulation underscores investor confidence in Ethereum’s long-term potential.
Despite a drop in $ETH prices yesterday, large holders accumulated 112.9k ETH, valued at nearly $390 million.
This accumulation notably surpasses the $106 million net inflows to the ETF. pic.twitter.com/b22FMWogHa
— IntoTheBlock (@intotheblock) July 24, 2024
The accumulation notably surpasses the $106 million net inflows to the Ethereum ETFs, highlighting a significant difference in the scale of investment activities. This suggests that large holders are taking advantage of the price dip to increase their holdings.
Analyst Insight: Market Concerns and Future Outlook
Analyst Elja highlights that $ETH ETFs had over $100 million inflows, with BlackRock purchasing 80,000 ETH. Despite this, Ethereum’s price continues to struggle. Elja attributes the market’s bearish sentiment to concerns over Grayscale outflows.
$ETH ETFs had $100M+ inflows
BlackRock bought 80,000 ETH and still the price is down
IMO, the market is too much worried about Grayscale outflows
Once it’s over, #Ethereum will hit a new ATH in no time! pic.twitter.com/K3S0XR6VZk
— Elja (@Eljaboom) July 24, 2024
Elja remains optimistic about Ethereum’s future, stating that once the Grayscale outflows are resolved, Ethereum could reach a new all-time high swiftly. This sentiment reflects a broader belief that current market fears are temporary and that Ethereum’s underlying value remains strong.
