Ethereum ETF inflows hit four-month high as whale accumulation accelerates

Ethereum traded near $1,923 on August 7, up roughly 1% over 24 hours, maintaining an upward channel throughout the month after bouncing from $1,820 the previous week.

Spot Ethereum ETFs registered $244.94 million in weekly net inflows, marking their most robust weekly performance in nearly four months. Cumulative net inflows reached $11.46 billion, with weekly trading volume touching $2.38 billion. The rebound reflects revitalized institutional appetite following subdued activity earlier in the year, with weekly inflows progressively strengthening from $105.44 million on July 17 and $103.90 million on July 24.

On-chain activity reflected similar bullish sentiment. Two major wallets accumulated 80,000 ETH valued at $152 million: one withdrew 30,000 ETH worth $57.21 million from Coinbase Prime across three newly created wallets, while another secured 50,000 ETH worth $95.73 million from a Fidelity-associated wallet. The Ethereum Whale Sentiment Index remained above 50 for six consecutive sessions, currently registering near 66.

However, sentiment was not uniform. One long-term holder offloaded 7,323 ETH for $13.96 million, realizing a $6 million loss. The wallet had accumulated ETH between February 2022 and March 2023 at an average price of $2,723. Market analyst Ali Charts noted that Ethereum's monthly chart generated two TD Sequential buy signals in the prior month, observing that such signals on the monthly timeframe have historically identified trend direction accurately over the past four years.