Spot ethereum ETFs see largest daily outflow ever
Meanwhile, on-chain activity is increasing while treasury companies keep stockpiling more ethereum.
Spot ethereum ETFs trading in the US recorded their largest daily outflow since inception with over $465 million in outflows on Monday. The lion’s share stemmed from BlackRock’s iShares Ethereum Trust ETF, accounting for 80% of total outflows, data from SoSoValue shows. If outflows continue at this pace, spot ethereum ETFs will end a streak of 12 weeks of consecutive inflows.
The price of ethereum has dropped 2.2% in the last 24 hours and 6.3% in the past seven days, per CoinGecko.
Other notable news in the ethereum world:
Ethereum’s network activity is heating up. The blockchain’s on-chain transaction volume in July exceeded $238 billion, marking a roughly four-year high, data from The Block shows. On Monday, the number of active addresses was close to its record high, while total daily transactions on a seven-day moving average touched 1.7 million, the network’s highest level ever.
SharpLink Gaming announced Tuesday that it’s increased its total ethereum holdings to 521,939 tokens worth over $1.9 billion and raised $264.5 million in net proceeds through its at-the-market facility.
The Ether Machine purchased an additional 10,605 ethereum tokens or $38.6 million, bringing its cumulative holdings to about $1.3 billion, according to a Monday press release.
GameSquare purchased 2,717 ethereum tokens for $10 million, per a Monday press release. Connected to its ethereum crypto-native treasury strategy, GameSquare is implementing a stock repurchase program that is “funded through net proceeds generated by the onchain yield platform.”
An unidentified whale has also scooped up $141.6 million in ethereum from digital asset prime broker FalconX in the past two days, data from blockchain analytics firm Arkham Intelligence shows.
