Ethereum is currently at a pivotal point, with its key support level positioned around $2,700. The network is home to 11.11 million addresses holding a combined 59.07 million ETH.
Data from @intotheblock indicates that approximately 3.69 million addresses each hold around 1.24 million ETH, with an average purchase price near $3,000.
This price level represents immediate psychological support for Ethereum, though it remains weaker compared to the crucial $2,700 support zone. Within this broader support range, the 11.11 million addresses hold ETH at an average price of $2,647.
In recent developments, Ethereum transaction fees have hit a nine-month low, with gas costs dropping to just 1 gwei—about $1 for a typical swap transaction.
Adding to the market dynamics, a prominent whale has made a notable move by withdrawing 4,000 ETH, valued at approximately $12.58 million, from Binance just six hours ago.
This whale, known for its strategic trading, realized a $38 million profit, or a 26.7% gain, from ETH between November 2022 and May 2024.
Whale Incurs Losses From ETH Withdrawals From Nay 29, 2024
For their latest strategy, this whale has pulled out 17,012 ETH at an average price of $3,582 since May 29, 2024. This withdrawal has resulted in an unrealized loss of $7.41 million, or 12.2%, against their initial investment of $60.9 million.
In ETF news, August 1 saw Ethereum spot ETFs experience a total net inflow of $26.75 million. Notably, the Grayscale ETF (#ETHE) saw a significant outflow of $77.95 million, while the BlackRock ETF (#ETHA) recorded a substantial inflow of $89.65 million. Fidelity’s ETF (#FETH) also saw an inflow of $11.70 million, reflecting a shift in institutional investment trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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