According to CoinShares, digital asset investment products experienced $30 million in outflows last week, marking the third consecutive week of outflows. Ethereum saw its largest outflow since August 2022, with a staggering $61 million, making it the worst-performing digital asset investment product so far this year.
According to CoinShares, digital asset investment products saw $30 million in outflows last week, the third consecutive week of outflows. Ethereum saw its largest outflow since August 2022, totaling $61 million, making it the worst performing digital asset investment product so…
— Wu Blockchain (@WuBlockchain) July 1, 2024
Despite these outflows, a recent analysis by IntoTheBlock reveals that the supply of ETH held by long-term holders has reached an all-time high, nearly doubling since 2021. This indicates strong confidence in Ethereum’s long-term value, even amidst short-term market fluctuations.
ETH supply held by long-term holders is at ATH
It's up almost 100% since 2021 pic.twitter.com/mEsjqwyP6T
— The DeFi Investor 🔎 (@TheDeFinvestor) July 1, 2024
A notable whale, who participated in the Ethereum ICO in 2015 and received 254,900 ETH at an ICO price of $0.311, transferred 7,000 ETH (worth $24.28 million) to Kraken yesterday after 209 days of inactivity. Currently, this whale still holds 40,000 ETH, valued at approximately $139.5 million.
A whale who participated in the Ethereum ICO in 2015 and received 254,900 ETH (ICO price $0.311) transferred 7,000 ETH ($24.28M) to Kraken today after 209 days of silence. Currently, this whale still holds 40,000 ETH ($139.5M). @EmberCN https://t.co/bgJEgre3uq
— Wu Blockchain (@WuBlockchain) July 1, 2024
Another Notable Ethereum ETH Sell-Off To MonitorÂ
In addition, the market witnessed significant trading activity by wintermute_t, who completed the sale of 12,695 ETH (around $43.84 million) on Binance. These ETH were transferred from various exchanges, including Coinbase, Kraken, and Crypto.com. The previous day, they executed a similar movement, selling 12,608 ETH (approximately $44.27 million).
1 hour ago, @wintermute_t finished selling 12,695 $ETH (~$43.84M) in #Binance.
Those $ETH were transferred from other exchanges: #Coinbase, #Kraken, #Crypto_com.Yesterday, they did the same movement with 12,608 $ETH (~$44.27M).
Address:https://t.co/MiN6N0aVzU pic.twitter.com/Sfy3ZYwHvk
— The Data Nerd (@OnchainDataNerd) July 2, 2024
About an hour ago, the Ethereum Foundation sold 100 ETH for 343,934 DAI. Notably, since January 2024, the Foundation has sold 2,266 ETH for $6.56 million worth of DAI. This consistent selling by the Foundation could be part of a broader strategy to diversify its holdings or fund ongoing development projects.
20 minutes ago, the Ethereum Foundation sold 100 $ETH for 343,934 $DAI again.
Note that since Jan 2024, the Ethereum Foundation has sold 2,266 $ETH for $6.56M worth of $DAI.
Follow @spotonchain and set alerts for the #Ethereum Foundation via https://t.co/ixVMzEaHwz pic.twitter.com/yqI25wNS4S
— Spot On Chain (@spotonchain) July 2, 2024
These activities highlight the current volatility and mixed sentiments in the Ethereum market. While significant outflows and whale sales suggest some investors are taking profits or reducing exposure, the increasing supply held by long-term holders reflects enduring faith in Ethereum’s future prospects. As the market continues to evolve, these dynamics will be crucial to monitor.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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