Fresh wallets, including 0xdf0A, acquired over 808K ETH since July 9, indicating growing institutional accumulation.
Exchange outflows surged post July 18, with up to $140M daily, suggesting a shift toward self custody and long term holding.
Despite a price dip from $3,900 to $3,580, major wallets like SharpLink added ETH, showing continued high conviction buying.
A fresh Ethereum wallet identified as 0xdf0A received 16,495 ETH worth $58.5 million. The funds originated from Galaxy Digital's over the counter wallet. Since July 9, a total of 12 fresh wallets have accumulated over 808,000 ETH, translating to $2.85 billion. This consistent acquisition shows growing institutional involvement during the recent market movement.
SharpLink Boosts Holdings With $52.5M ETH Purchase
Alongside wallet 0xdf0A’s inflow, SharpLink made another move. Within the past nine hours, the company spent 108.57 million USDC to acquire 14,933 ETH. The transfer completed bringing SharpLink’s total Ethereum holdings to 464,209 ETH, valued at approximately $1.63 billion.
These strategic acquisitions contrast recent large scale exchange deposits. Whale address 0x3c9E deposited 26,182 ETH, valued at $93.66 million, across Binance, Bybit, OKX, and Kraken over a 48 hour window. The deposits took place as Ethereum prices experienced pullbacks after recent gains.
Exchange Activity Shows Diverging Trends
Ethereum’s exchange netflow data shows changing behavior across July. From July 10 to July 12, net inflows dominated. Notably, inflows reached approximately $150 million on July 10 and $115 million on July 11.
ETH Spot Inflow/Outflow chart, Source: Coinglass
These spikes coincided with Ethereum’s price rally, suggesting profit taking or hedging activity during the surge. However, a shift emerged after July 18. Net outflows began to dominate, with a major outflow of $140 million seen on that day alone.
Between July 21 and August 1, outflows frequently ranged from $50 million to $100 million. On July 31, another steep outflow of around $120 million further emphasized the trend.
Price Reaction and Wallet Behavior Suggest New Holding Phase
Ethereum’s price climbed from $2,370 on July 8 to nearly $3,900 by July 18–19. This surge occurred alongside early month inflows. Following the peak, prices declined steadily, reaching around $3,580 by August 1.
The price drop aligned with sustained outflows, which pointed to a preference for self custody or long term storage. Despite the recent price correction, wallet behavior from both institutional players and whales continues to reflect strategic positioning.
Exchange outflows remain persistent, even as some whales reduce exposure. Wallet consolidation activity and timing continue to shape Ethereum’s broader movement as stakeholders position around $3,500 levels.
Overall, large ETH transfers from OTC desks, ongoing exchange outflows, and shifting whale actions collectively shaped recent Ethereum market outlook. The market now shows both cautious exits and high conviction accumulation.
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