Ethereum rose 60% in July! ETF accumulated 1.6 million ETH, whales awakened + 1 million tokens withdrawn from CEX, ready to take off.

Ethereum (ETH) achieved an explosive 60% rise in July, marking the strongest monthly performance in recent years. This round of increase was driven by historical ETF fund inflows and retail investors taking profits. Key on-chain signals indicate: over 1 million ETH has flowed out of centralized exchanges in the past two weeks, suggesting that long-term holders (LTHs) are taking control; million-dollar whale trades have reached several-week highs, with high-net-worth investors getting on board. The derivatives market remains healthy (open interest at $22.4 billion, funding rate at 0.0049), with leverage not being excessive. Although the short-term upward momentum has slowed (currently at $3,450), the RSI is neutral (52.41), and the MACD shows a bearish cross, but selling pressure is weakening (red bars shortening), with key support unbroken. The market structure is solid, awaiting the emergence of a breakthrough catalyst.

Epic rise in July reshapes investor structure The surge of Ethereum in July significantly raised its market capitalization ranking, with the core driving forces coming from:

• Large ETF Accumulation: Official data shows that in July, the Ethereum spot ETF recorded a net inflow of 1.6 million ETH.

  

• Retail Investors Taking Profits: Retail investors are starting to lock in profits, creating accumulation opportunities for Strong Hands.

On-chain Strong Signal: Long-term Holders Take Over, Whales Awaken

• Million ETH Withdrawn from Exchange: In just the past two weeks, over 1 million ETH has been withdrawn from Centralized Exchanges (CEX). This is a strong indicator of Long-Term Holders' (LTHs) firm belief, showing that traders anticipate a breakout at the bottom and are strategically accumulating.

  

• Whale trading activity is high: During the ETH rise, the number of trades exceeding one million dollars reached a multi-week high, indicating strong interest from high-net-worth investors (whales). Whale accumulation behavior is corroborated by large withdrawals from exchanges.

  

  (Source: Santiment)

Derivation Market: Leverage Healthy, Waiting for Breakthrough According to Coinalyze data:

(Source: Coinalyze)

• ETH Futures Open Interest remains at $22.4 billion level.
• Funding Rate remains stable around 0.0049%. These indicators reflect a healthy market leverage setup — neither overly bullish nor overly bearish, suggesting that the market is coiled for a decisive move, waiting for a breakthrough catalyst.

Momentum pauses but fundamentals remain solid, $3,450 becomes key support Ethereum's recent pullback has slowed down, and as of the time of writing, the price has risen above $3,550.

• Relative Strength Index (RSI): At 52.41, in the neutral zone.
• Moving Average Convergence Divergence (MACD): Although a bearish crossover has appeared, the red negative bars of the histogram continue to shorten, indicating that selling pressure is weakening. Although momentum has cooled somewhat since the big rise in July, ETH has not yet fallen below the key support level. If buyer strength recovers (especially against the backdrop of overall market sentiment and on-chain signals still being relatively positive), this consolidation phase may become a launchpad for a new round of pump.

Conclusion: Ethereum's strong performance in July was driven by the combined forces of institutions (ETF) and on-chain (LTHs, Whales). The withdrawal of millions of ETH from exchanges and the surge in whale transactions provide core evidence of the market's structural strengthening. The derivatives market shows no signs of overheating, leaving room for future trends. Although the short-term technical indicators show a weakening momentum, the price remains steady at the key level of $3,450, and the selling pressure is easing, making the pullback appear more like a healthy consolidation. Investors need to closely monitor the ongoing inflow of ETFs and the changes in exchange reserves. If breakthrough catalysts (such as favorable regulations or technological upgrades) emerge, Ethereum is expected to leverage its current solid foundation to initiate a new round of upward movement.