Crypto News

Ethereum Hits 4-Month High In Network Growth Amid Whales’ Selling Activity

Ethereum has reached a four-month peak in network growth, with 126,210 new wallets created on a traditionally quiet Sunday.

This surge suggests rising network utility and hints at potential price rebounds from the $2,200-$2,300 range.

However, the network’s positive signs are tempered by a significant negative net flow exceeding 40,000 ETH on derivative exchanges. This outflow indicates a reduction in selling pressure, as more ETH is withdrawn from these platforms.

Notably, Ethereum whales have ceased accumulating ETH since early July, shifting instead to selling or redistributing their holdings.

A multi-signature wallet that recently received 3,800 ETH ($9.99 million) from Vitalik Buterin has been actively selling. The wallet has offloaded 760 ETH for 1.835 million USDC, with the latest transaction occurring just 21 hours ago.

Ethereum Foundation Continues Liquidating Its ETH Holdings 

Following Vitalik’s moves, the Ethereum Foundation has also been liquidating its ETH holdings. In a recent transaction, the foundation sold 450 ETH for 1.029 million DAI, bringing their total sales to 550 ETH ($1.28 million) over the past four days, at an average price of $2,324.

Adding to the selling pressure, Ethereum spot ETFs experienced a net outflow of $91.04 million last week, with Grayscale’s ETHE ETF alone seeing a net outflow of $111 million. This ongoing trend of large-scale ETH sales and ETF outflows underscores a complex market dynamic, balancing network growth with substantial selling activity.

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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