Ethereum surged past the $3,700 price threshold, propelled by heavy accumulation from large-scale investors and growing institutional adoption, against a backdrop of traditional investor caution reflected in ETF outflows.
Market data reveals 14 newly created whale wallets acquired over $3.16 billion worth of ETH, with five addresses alone accumulating upwards of 100,000 ETH within a concentrated two-day buying spree. This aggressive accumulation significantly contributed to Ethereum’s upward price momentum.
Concurrently, institutional reserves of ETH witnessed explosive growth, skyrocketing from $3 billion in June to over $10.8 billion currently. This surge underscores robust institutional demand driving market activity.
Contrasting this buying pressure, Ethereum-based exchange-traded funds (ETFs) experienced notable outflows totaling $129 million last week. This divergence signals wariness among traditional investors amidst ongoing market volatility.
Key liquidity zones stand at resistance levels of $3,620 and $3,660, while potential downside support is positioned near $3,580 or $3,540 should bearish pressure emerge.