Ethereum’s price soared 60% throughout July, marking a significant rally primarily fueled by unprecedented inflows into spot Ethereum ETFs. These inflows surpassed 1.6 million ETH, reflecting substantial institutional demand and heightened investor confidence in the digital asset.
Market dynamics further shifted as large-scale investors, or ‘whales’, accumulated ETH aggressively. Over 1 million ETH were withdrawn from exchange wallets during the month, signaling a wave of long-term holding strategies rather than short-term trading.
Supporting the surge, ETH Futures Open Interest remained robust at approximately $22.4 billion. The relatively stable Funding Rate of 0.0049 indicated balanced leverage and an absence of excessive speculation dominating the derivatives market.
Following the rally, Ethereum’s price found support above $3,450. Technical indicators showed a measured cooling phase, with the Relative Strength Index (RSI) reading a neutral 52.41 while the Moving Average Convergence Divergence (MACD) presented a near-term bearish signal.
The accumulation trend among high-net-worth investors continued strongly, with on-chain data revealing transactions by large holders reaching multi-week highs throughout the period.