According to CoinShares, digital asset investment products experienced significant outflows totaling $584 million last week, shaving off US$1.2bn in total. Bitcoin led the pack with outflows of $630 million, while Ethereum saw $58 million in outflows.

In contrast, multi-asset products attracted inflows of $98 million, suggesting that investors view weakness in the altcoin market as a buying opportunity.

According to CoinShares, digital asset investment products saw outflows of $584 million last week, with Bitcoin outflows reaching $630 million, Ethereum outflows reaching $58 million, and multiple asset products inflows reaching $98 million, indicating that investors see weakness…

— Wu Blockchain (@WuBlockchain) June 24, 2024

Today, Ethereum (ETH) saw its value plummet by 6%. On-chain reports indicate that Justin Sun likely contributed to this movement by withdrawing substantial amounts of ETH from Binance.

Sun’s wallet, 0xdbf, executed four transactions withdrawing a total of 13,967 ETH from Binance at an average price of $3,494, costing approximately $48.8 million, now valued at $48.5 million. Subsequently, this wallet supplied 9,331 ETH to Aave.

Wallet 0xdbf (likely #JustinSun) withdrew another 4,629 $ETH ($16.07M) from #Binance at $3,472 ~8hrs ago.

Overall, in the past 3 days, this wallet has withdrawn 13,967 $ETH ($48.8M) from Binance at an avg price of $3,494.

Follow @spotonchain and set alerts for the wallet now:… https://t.co/ozvNN9KVhL pic.twitter.com/eTbffY7b0H

— Spot On Chain (@spotonchain) June 24, 2024

Additionally, wallet 0xaa1, linked to “czsamsunsb.eth,” withdrew 8,310 ETH worth $28.3 million from Binance. This wallet has a notable history, having earned 193 ETH (~$600K) in just four hours from the EZETH depeg last April.

Despite the current dip, smart traders and major players like Justin Sun have been accumulating ETH. This activity suggests a bullish sentiment ahead of the rumored launch of the Ethereum Spot ETF on July 2.

The accumulation by these influential traders indicates confidence in Ethereum’s future prospects, potentially signaling a strategic buying opportunity during the current market downturn.

Wallet 0xaa1 (linked to “czsamsunsb.eth”) withdrew 8,310 $ETH ($28.3M) from #Binance ~4 hours ago.

Notably, this is a smart trader wallet that made 193 $ETH (~$600K) in only 4 hours from the EZETH depeg last April.

In the past 24H, smart traders and major players (Justin Sun)… pic.twitter.com/qgdOOFxlnz

— Spot On Chain (@spotonchain) June 24, 2024

As the market reacts to these developments, all eyes will be on the potential impact of the Ethereum Spot ETF launch. Investors are keenly observing whether this event could serve as a catalyst for a rebound in ETH’s value.

With significant players showing optimism through their recent purchases, the coming weeks could reveal important trends for Ethereum and the broader digital asset market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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