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Ethereum (ETH) continues to experience price uncertainty. Recently, there was a recovery, but a recent drop has caused market uncertainty. However, a situation uncovered by market followers suggests a different scenario. Lookonchain revealed that Ethereum whales are making large purchases, indicating a potential rise on the horizon.
Ethereum Whale and Profits
On August 2, data provided by Lookonchain revealed a significant situation in Ethereum. A notable whale, seen to have made substantial profits, was identified by Lookonchain. This whale continues to operate with a remarkable 100% profit in ETH transactions and has made over $38 million in profit since 2022.
Since May 29, this whale has actively purchased 17,012 ETH with an average cost of $61 million (DCA). The latest purchase by the whale occurred approximately five hours before Lookonchain’s announcement, involving 4,000 ETH worth $12.58 million.
Current Status of Ethereum ETFs
In May 2024, the United States Securities and Exchange Commission (SEC) approved nine Ethereum spot ETFs for trading in the country, with trading commencing in July. This development excited institutional investors, turning their attention to Ethereum, supported by leading fund providers and asset managers like BlackRock (NYSE: BLK).
Currently, the ETFs have seen an outflow of $456.0 million, primarily due to Grayscale’s (ETHE) sales. Excluding Grayscale, the total of the other eight ETH ETFs reached approximately $1.6 billion, highlighting the demand for Ethereum.
During this period, investment giant BlackRock’s iShares Ethereum fund (ETHA) alone hosted an inflow of $712.80 million, representing the highest capital volume.
Current Ethereum Price
The current price of Ethereum tells a different story. After a 2.74% drop in the last 24 hours, Ethereum is trading at $3,041, having briefly fallen below $3,000. Additionally, the market cap has declined to $365.5 billion.
Despite the drop in price and market cap, trading volume has increased by 8.48%, reaching $21.2 billion. The whale’s purchases coinciding with the rise in trading volume may indicate an expectation of a price increase in the market.
