Ethereum faced the largest ETF outflow in recent weeks alongside a surge in user activity and price volatility in the market.
Record Outflow from ETFs
On August 1, Ethereum recorded an outflow of $152.3 million from ETFs, the largest in recent weeks, according to SoSoValue data. In contrast, July saw a net inflow of $5.43 billion. Despite these significant withdrawals, BlackRock and other major issuers have not indicated selling pressure.
High Activity of Ethereum Addresses
Santiment data shows that daily active addresses on Ethereum reached 841,100, the highest level in a year. This surge in network activity coincided with ETH dropping below $3,500, leading to mixed market sentiments.
Price Analysis and Institutional Activity
Analysts suggest ETH may decline toward the $3,300 level, risking $257 million in long positions if prices fall. Meanwhile, SharpLink purchased an additional 14,933 ETH worth $52.56 million, totalling its holdings to 464,209 ETH, indicating aggressive institutional accumulation amid recent outflows.
Despite the record outflow from ETFs, Ethereum's user activity remains high, indicating mixed market sentiment. Institutional players continue to accumulate assets despite short-term price volatility.
