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Ethereum traded higher on Thursday, rising 2.22% to $1,756.15 over 24 hours and outpacing the broader crypto market’s 1.47% gain. The move followed renewed inflows into spot Ethereum ETFs, heavy withdrawal activity from Binance and fresh on-chain data showing a large wallet adding ETH and WBTC.
The rebound came after a weaker stretch for ETH, as the asset had recently faced ETF outflows and lower market confidence. Market data now shows buying interest returning through regulated investment products, while blockchain activity points to stronger movement among large holders.
U.S. spot Ethereum ETFs posted two straight days of net inflows after a nine-day run of outflows. SoSoValue data showed $29.08 million in net inflows on July 2, following $14.89 million a day earlier. BlackRock’s ETHA led the latest daily inflows.
ETF flows remain a key market signal for Ethereum because they show demand from regulated investment channels. The return to inflows suggests some institutional buyers are stepping back into ETH after recent selling pressure.
Ethereum also moved with broader risk assets. Its strong link with the S&P 500 suggests macro conditions helped support the rally. Still, ETH outperformed the wider crypto market, showing stronger relative demand over the same period.
For now, traders are watching whether inflows continue beyond two sessions. A brief reversal can improve sentiment, but a longer inflow streak would offer clearer evidence that institutional demand is rebuilding.
On-chain data also showed a sharp rise in Ethereum withdrawals from Binance. CryptoQuant data showed more than 166,000 ETH withdrawal transactions on July 3, the highest level in more than three years.
Large exchange withdrawals often suggest holders are moving assets away from trading venues. That can point to self-custody, longer-term holding, or use in decentralized finance. It may also reduce the amount of ETH available for quick selling on exchanges.
CryptoQuant analyst Darkfost said the surge “could reflect genuine demand” near the $1,500 area. However, he also said some funds may be moving into DeFi to seek yield. That leaves some doubt over how much of the withdrawal wave reflects simple accumulation.
The data confirms a major increase in wallet movement, but it does not prove the purpose behind each transfer. Withdrawals may signal buying interest, yet they can also involve wallet restructuring or platform-level flows. That makes the trend supportive, but not final proof of a lasting shift.
Meanwhile, on-chain tracking data showed that one whale wallet accumulated $31.43 million in ETH and $6.24 million in Wrapped Bitcoin. The combined position stood at $37.67 million, according to Lookonchain.
The wallet now holds exposure to both Ethereum and Bitcoin through Ethereum-based assets. WBTC tracks Bitcoin’s value while operating on Ethereum, which allows holders to use Bitcoin-linked capital across Ethereum applications.
The reported allocation leans heavily toward ETH. Around 83% of the wallet’s reported position is in Ethereum, while about 17% is in WBTC. This shows stronger exposure to ETH, although the reason behind the split remains unknown.
Several details remain unverified. The wallet owner has not been identified, and the available data does not confirm whether the movement came from fresh purchases, exchange withdrawals, or internal transfers. The entry price and trading plan are also unknown.
Ethereum now trades near a key short-term area. Holding above $1,700 keeps attention on resistance near $1,767, followed by the $1,800 to $1,847 range. A drop below $1,700 could bring the $1,620 to $1,650 support zone back into focus.
Also Read: Ethereum News Today: ETH Institutional Launches With Bitmine and Sharplink Backing
