- One whale bought 10,501 ETH for $20M after sitting dormant for three months now.
- Arthur Hayes added 1,332.5 ETH worth $2.53M as whale wallets accumulate ETH now.
- US spot Ethereum ETFs recorded $38.09M in net inflows on July 20, fifth day now.
Something is happening beneath Ethereum’s price chart that the headline number alone does not capture. Large wallets are moving off exchanges, fresh capital is entering from dormant addresses, and the Ethereum ecosystem has just completed one of the most active months of development in its history.
Whale Activity
On-chain data firm Lookonchain flagged a wave of large Ethereum accumulation happening simultaneously across multiple wallet addresses.
A dormant whale that had not moved funds for three months woke up and spent $20 million in USDC to buy 10,501 ETH at $1,905. A newly created wallet withdrew 12,800 ETH worth approximately $24.47 million from Binance in a single 24-hour period and staked the entire amount. Two other newly created wallets pulled more than 86,000 ETH from Binance and Gemini before staking everything.
An Ethereum ICO participant who had been inactive for 11 years also moved 2,000 ETH. Arthur Hayes, the BitMEX co-founder whose market calls are closely watched, added another 1,332.5 ETH worth approximately $2.53 million to his position.
When dormant wallets, fresh wallets, ICO-era participants, and prominent traders are all buying and staking at the same time, the directional signal is worth paying attention to.
ETF Flows Are Turning Positive
The institutional picture is also improving. US spot Ethereum ETFs recorded $38.09 million in net inflows on 20 July. Bitcoin ETFs saw $227 million in net inflows on the same day, marking the fifth consecutive day of positive flows across both assets. The broader institutional mood has clearly shifted from the outflow-heavy environment that defined the second quarter.
The Technical Setup
Analyst Ali Charts flagged a potential double bottom forming on ETH’s price chart, with $1,850 identified as the critical level that must hold for the bullish structure to remain valid. If that support stays intact, the next upside target according to the analysis sits at $2,300.
Ecosystem Updates
While the price has been consolidating, the Ethereum network itself has been running at full speed. Robinhood Chain launched on Ethereum mainnet as a Layer 2 built on the Arbitrum stack, enabling 24/7 trading of tokenised stocks and ETFs across 120 countries. The network crossed $1 billion in DEX volume in just over a week.
Aztec Network achieved Stage 2 rollup decentralisation. Vitalik Buterin updated the Lean Ethereum roadmap. Aave launched Stable Vaults. Base introduced privacy infrastructure for institutional settlement.
Ondo Finance launched perpetual futures using tokenised stocks as collateral. Two new non-profit organisations, ETH Labs and the Ethereum Institution, launched specifically to accelerate Ethereum’s role as a global settlement layer. A UK regulated fund launched on Ethereum with the blockchain serving as the legal register of record.
Amid this, Ethereum price has also been rising. ETH is up by more than 8% in the last week and is currently trading at $1,930.
Related: Bitmine Nears 5% Ethereum Ownership After Expanding Treasury to $11.5 Billion
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