Overview

• Spot Ethereum ETFs recorded their first net outflow in 20 days on August 1 after months of record inflows, indicating a pause in institutional accumulation at critical price levels.
• On-chain data shows a record 30% of all ETH locked in staking contracts and exchange reserves falling to their lowest level since 2016, cutting potential sell-side pressure.
• Whale wallets and treasury firms continued to amass hundreds of thousands of ETH even as prices consolidate around the $3,600–$3,700 range.
• Ethereum’s share of tokenized real-world assets has climbed above 83% while daily new address creation has reached levels last seen during the 2017 and 2021 bull markets.
• The outcome of Ethereum’s battle for a decisive break above $3,700 will hinge on macro headwinds from potential Fed policy shifts and competition from Layer-2 networks and rival blockchains.