Institutional Investors Make Significant Moves In Ethereum Despite ETF Outflows
In 2024, Bitcoin has outperformed Ethereum in terms of market cap impact, with each dollar invested in Bitcoin boosting its market cap by $5, compared to just $1.30 for Ethereum.
This suggests that new money flows exert a stronger influence on Bitcoin than on ETH.
In 2024, every $1 invested in #Bitcoin increased its market cap by $5, while for ETH, it was only $1.3.
New money flows have a weaker effect on $ETH than Bitcoin. pic.twitter.com/CtAmmMVL8g
— CryptoQuant.com (@cryptoquant_com) July 26, 2024
Despite recent declines in ETH prices, institutional demand remains robust. Recent large transactions signal renewed whale activity in Ethereum. Two notable multi-signature addresses have made significant moves:
Despite decreasing $ETH prices, large transaction volume reached a monthly high following the ETFs release, indicating institutional demand. pic.twitter.com/AjhKuWyPnK
— IntoTheBlock (@intotheblock) July 27, 2024
1. Address 0x113…439a4 withdrew 7.96 million USDT from OKX and Binance, then acquired 2,580 ETH at an average price of $3,294, totaling approximately $8.5 million.
2. Address 0xc72…a839D pulled 20.34 million stablecoins from Aave and used 1inch to purchase 6,613 ETH at an average price of $3,278, amounting to $21.68 million.
ETH 重回 $3300