After Ethereum fell below $2,000, some large funds began to reallocate. AMBCrypto, citing market data, reported that a newly emerged whale withdrew a large amount of assets from FalconX, and spot market buying activity has improved compared to before, but demand for US spot ETFs remains weak.
FalconX transferred $21.7 million in assets.
The article states that this investor withdrew approximately $21.7 million in assets from FalconX, including $14.4 million in ETH and $7.3 million in HYPE. Their ETH position was established near a recent low, while their HYPE entry point was closer to a high.
Within 24 hours of establishing the position, the portfolio recorded a floating profit of approximately $400,000. Since FalconX primarily serves institutional and high-net-worth clients, such large outflows are often interpreted by the market as a continued willingness to allocate to the relevant assets.
Arthur Hayes buys and sells within a week
Besides the increased holdings by whales, market sentiment towards ETH is also quite divergent. Analyst Michaël van de Poppe remains bullish on Ethereum's long-term performance, believing that the current price range remains attractive to long-term holders.
However, Arthur Hayes' trading strategy over the past week was inconsistent. The article states that he bought 5,900 ETH at an average price of approximately $1,793, worth about $10.58 million; then he sold 6,000 ETH at an average price of approximately $1,690, for a total transaction value of about $10.14 million, ultimately incurring a loss of approximately $606,000.
Spot buying rebounded, while ETF demand weakened.
In terms of data, CryptoQuant's 90-day rolling spot Taker CVD shows that the Ethereum spot market has shifted from being dominated by sellers to being dominated by buyers. Historically, such shifts often occur before a recovery in upward momentum.
On the other hand, institutional demand for US spot ETFs has turned negative, keeping ETH below $2,000 in the latter part of the second quarter. At the time of writing, ETH was trading at $1,734.82, a slight increase from the previous day.
