In light of price stability, large holders of Ethereum are actively increasing their positions. Over the last month, they added 1.49 million ETH worth approximately $3.79 billion.
Increase in Large Ethereum Holders' Positions
According to data analytics firm Santiment, wallets holding between 1,000 and 100,000 ETH have increased their holdings by 3.72% over the past month, bringing their total to 41.61 million ETH, nearly 27% of the total supply. Santiment noted, 'Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit.'
End of ETH ETF Inflow Streak
While large holders continue to accumulate, institutional demand for ETH appears to have temporarily cooled. Spot ETH exchange-traded funds (ETFs) in the U.S. ended their longest inflow streak, recording net outflows of $2.1 million. During the streak, these ETFs attracted a total of $1.37 billion, primarily into BlackRock’s iShares Ethereum Trust ETF. Analysts emphasize that the pause in inflows could be seen as a cooling-off period after weeks of strong demand.
SharpLink Stock Moves Amid Ethereum Strategy
SharpLink Gaming, the first publicly traded company to unveil an Ethereum treasury strategy, saw its stock plunge 73% after it filed to register a significant volume of shares for potential resale, raising concerns among investors. However, SharpLink Chairman Joseph Lubin, who is also CEO of Consensys, stated that the move was misunderstood. The company had announced plans to sell up to $1 billion in shares to fund ETH purchases, but the filing led to fears of excessive dilution.
In conclusion, amid the stabilizing Ethereum market, large holders are actively increasing their positions, while institutional investors are pausing. This may indicate differing strategies and approaches from market participants in response to the current state of the cryptocurrency market.
