The price of Ethereum (ETH) surged to 3,600 USD this week thanks to significant capital inflow from ETFs and the ETH accumulation plans of U.S. securities firms.
Tracking data from on-chain expert Yu Jin shows that only some important wallets accumulated about 391,000 ETH, equivalent to 1.4 billion USD, over the past week through various channels.
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The price of ETH increased from 3,000 to 3,600 USD thanks to ETF capital and U.S. securities reserves.
Key on-chain wallets accumulated 391,000 ETH, equivalent to 1.4 billion USD this week.
The accumulation of ETH through various channels creates sustainable upward pressure.
How has the price of Ethereum changed over the past week?
According to the analysis of on-chain expert Yu Jin, the price of ETH has grown nearly 20% over the past week, from 3,000 USD to 3,600 USD thanks to significant ETF capital inflows and reserve plans from U.S. securities firms.
Yu Jin specializes in monitoring on-chain data and reports that the increase occurred as many cryptocurrency institutions focused their investments on ETH, creating significant liquidity and purchasing power in the market.
Why is ETF capital flow important in driving ETH prices?
The ETF capital flow is highly institutional, helping attract capital from professional and individual investors interested in cryptocurrency assets. ETH ETFs create significant buying demand, supporting a stable upward price trend.
ETFs enhance liquidity and create effective pricing for ETH, boosting global investor confidence.
– Mr. Minh Hoang, Investment Director of the Cryptocurrency Fund, 2024
These ETF funds not only help diversify asset allocation but also enhance price forecasting and reduce major volatility in the cryptocurrency market.
What level of ETH accumulation have large wallets reached?
Expert Yu Jin noted that only key on-chain wallets have accumulated up to 391,000 ETH, equivalent to 1.4 billion USD, in just one week. This is a sign of significant whale accumulation and ETH reserves.
This large-scale accumulation action is often associated with long-term price increase expectations and reinforces the steady growth market trend.
The large-scale accumulation of ETH by whale wallets demonstrates confidence in the sustainable development of the Ethereum ecosystem.
– Yu Jin, On-chain analysis expert, July 2024
How do different channels contribute to the price increase of ETH?
ETH is accumulated through various forms such as buying on centralized exchanges, DEX, staking in DeFi projects, and even OTC transactions. The diversity of channels helps the flow of money into ETH be more flexible and resilient.
This creates combined upward price pressure, minimizing the risk of fragmented supply and reinforcing ETH's position in the global cryptocurrency market.
Frequently asked questions
What caused the significant rise in ETH prices?
The inflow of ETF capital and U.S. securities funds into ETH, combined with the large accumulation behavior of whale wallets, is the main reason for the price increase.
How does ETF capital flow affect the ETH market?
ETFs create liquidity and institutional trust, supporting stable ETH prices, reducing volatility, and attracting long-term investments.
What does the accumulation of ETH by whales signify?
Large whale purchases are a positive sign, indicating long-term expectations and reinforcing the price uptrend.
Which channel is most popular for accumulating ETH?
Buying on centralized exchanges, DEX, DeFi staking, and OTC purchases are the main channels that help diversify and sustain ETH accumulation.
What role does on-chain expert Yu Jin play in this analysis?
Yu Jin is a reputable expert in monitoring on-chain data, providing accurate information about accumulation behavior and ETH capital flows.
Source: https://tintucbitcoin.com/eth-tich-tru-on-chain-dat-14-ty-usd/
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