Ethereum ETF Officially Traded, Whales Buy ETH!

Bittime - The recent launch of the Ethereum (ETH) ETF was welcomed. This was marked by incoming funds reaching more than IDR 1.7 trillion (US$107 million) on Tuesday. Apart from that, whales or big investors are buying up ETH.

However, the price of ETH actually experienced selling pressure and fell 7.7% at the time of writing this article, approaching the level of IDR 51.6 million (US$3,173).

Whales Buy Ethereum (ETH)

Interestingly, even though prices are falling, on-chain (block chain) data actually shows that Ethereum "whale" (large investors) activity is still strong. This indicates that the potential for price declines may be limited.

According to on-chain data from IntoTheBlock, big players bought up 112,900 ETH worth a fantastic IDR 6.2 trillion (US$390 million) yesterday. This happens even though the ETF price is falling. 

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This accumulated amount far exceeds the total funds entering the Ethereum ETF, which is around IDR 1.7 trillion (US$106 million). This clearly shows that the demand for Ethereum among the big players of the crypto market is still very strong.

Something similar was reported by on-chain data analysis platform Santiment. They found that the launch of the Ethereum ETF had a significant impact on whale activity over the past week. 

Since July 17, the number of ETH transfers with a value above IDR 1.6 billion (US$100,000) has jumped 64% compared to BTC transfers and 126% compared to USDT transfers (on the Ethereum network).

Prediction of Future Ethereum Price Movements

Analysts expect Ethereum's price movements to follow the same pattern as Bitcoin after the launch of the BTC ETF earlier this year. The spike in Bitcoin prices actually started last February. 

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This is when investors can finally adjust to the outflow from Grayscale (crypto investment company). In addition, they are also adjusting to inflows from BlackRock (a giant investment company).

Renowned crypto analyst, Michael van de Poppe, wrote: 

"If the market follows the price movement of the Bitcoin ETF, then there will likely be a slight price decline due to outflows from the Grayscale Trust. The downward momentum may last for one to two weeks, before Ethereum climbs back towards new record highs."

According to the graph shared by Poppe, the price of Ethereum may correct to the level of IDR 50.4 million (US$3,150) before shooting up again. 

Additionally, it will be interesting to follow how long the inflow of funds into Ethereum ETFs will continue, as this may increase investor confidence.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.