Ethereum price surged 4.36% to $1,827 as institutional investors show renewed interest. Cumberland’s sizable ETH withdrawal suggests accumulation, while Galaxy Digital has offloaded ETH recently. Additionally, Ethereum ETFs experienced inflows after previous outflows, indicating a bullish trend among institutional and retail investors alike.
Ethereum (ETH) is catching the eye of institutional investors, bouncing back with a notable 4.36% spike today, landing at $1,827. Data from Lookonchain indicates a significant withdrawal of 27,632 ETH, approximately worth $50.24 million, from major platforms like Binance, Coinbase, and Copper by a wallet connected to the liquidity giant, Cumberland. This shift points to a growing trend of accumulation by larger players as ETH builds bullish momentum.
Yet, it’s not all about buy orders. Galaxy Digital, notable for its early investment in Ethereum by Mike Novogratz, seems to be pivoting in the opposite direction. Reports reveal that in just the last 10 hours, they moved 23,000 ETH valued at $42.52 million to Coinbase, presumably for liquidation or asset reallocation purposes.
In a positive turn for Ethereum exchange-traded funds (ETFs), they’ve been seeing a bit more action lately, recovering from a stretch of persistent outflows. Just last week, spot ETH ETFs marked a 31,199 ETH ($55.5 million) inflow. Notably, BlackRock’s iShares Ethereum ETF led the way, scooping up 22,704 ETH last Friday. By Monday, the total net inflows skyrocketed to 59,538 ETH ($106.63 million), with BlackRock alone adding 30,272 ETH, ramping their total to 1.215 million ETH, or about $2.18 billion.
This blend of institutional buying and expanding ETF interest paints a brighter picture for Ethereum, hinting at a potential bullish reversal. The current activity suggests that confidence is on the rise not just among institutional investors but retail ones too. With ETH’s price climbing and significant market players stepping in, the momentum could very well continue if overall crypto sentiment remains positive.
