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Spot ethereum ETFs see largest daily outflow ever

Meanwhile, on-chain activity is increasing while treasury companies keep stockpiling more ethereum.

Sage D. Young

Spot ethereum ETFs trading in the US recorded their largest daily outflow since inception with over $465 million in outflows on Monday. The lion’s share stemmed from BlackRock’s iShares Ethereum Trust ETF, accounting for 80% of total outflows, data from SoSoValue shows. If outflows continue at this pace, spot ethereum ETFs will end a streak of 12 weeks of consecutive inflows. 

The price of ethereum has dropped 2.2% in the last 24 hours and 6.3% in the past seven days, per CoinGecko. 

Other notable news in the ethereum world: 

  • Ethereum’s network activity is heating up. The blockchain’s on-chain transaction volume in July exceeded $238 billion, marking a roughly four-year high, data from The Block shows. On Monday, the number of active addresses was close to its record high, while total daily transactions on a seven-day moving average touched 1.7 million, the network’s highest level ever.

  • SharpLink Gaming announced Tuesday that it’s increased its total ethereum holdings to 521,939 tokens worth over $1.9 billion and raised $264.5 million in net proceeds through its at-the-market facility.

  • The Ether Machine purchased an additional 10,605 ethereum tokens or $38.6 million, bringing its cumulative holdings to about $1.3 billion, according to a Monday press release.

  • GameSquare purchased 2,717 ethereum tokens for $10 million, per a Monday press release. Connected to its ethereum crypto-native treasury strategy, GameSquare is implementing a stock repurchase program that is “funded through net proceeds generated by the onchain yield platform.” 

  • An unidentified whale has also scooped up $141.6 million in ethereum from digital asset prime broker FalconX in the past two days, data from blockchain analytics firm Arkham Intelligence shows. 

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Crypto IPOs hit pause as “appetite has been sold to AI”

The rule of three means we can now declare 2026 will not be the year of crypto IPOs:

  • Ethereum development firm Consenys,

  • Security hardware company Ledger,

  • And crypto exchange Kraken are pausing plans to go public, according to reports from CoinDesk.

The companies have delayed their IPOs due to tough market conditions, the report said, including declined trading volume in digital assets, weak price performance of tokens, and investor interest in other sectors.

Kay Kyeongsik Woo, the founder of blockchain ride-hailing application Tada, told Sherwood News, “The market is cooled down and investors’ appetite has been sold to AI.”

Just today, AI chipmaker Cerebras Systems went public and is this year’s largest IPO so far, and investors are excited about potential IPOs for OpenAI and Anthropic as their valuations soar.

“It’s a fair decision on behalf of all the crypto firms,” according to Kairos Research cofounder Ian Unsworth. “For one thing, they will ultimately be dwarfed by some of the other massive IPOs coming up.”

Unsworth also pointed to how the CLARITY Act, if passed, could be a strong tailwind for these companies. “A better regulatory environment could make these companies more appealing to potential investors,” he said.

Consensys, Ledger, and Kraken did not confirm to Sherwood if they had put their IPO plans on hold. A Consensys spokesperson told Sherwood, “As a matter of policy, we do not comment on market speculation,” while a Ledger representative declined to comment on the story.

Meanwhile, Lauren Post, Kraken’s vice president of corporate communications, told Sherwood that the company did not put out any public statements on freezing IPO plans.

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XRP tops 24-hour chart on South Korean crypto exchange

XRP is among South Korea’s favorite coins.

In the last 24 hours, XRP saw the highest trading volume on South Korean exchange Upbit at over $105.3 million, a figure exceeding bitcoin’s $102.6 million, ethereum’s $62.9 million, and dogecoin’s $27.7 million, data from CoinGecko shows.

Meanwhile, spot XRP ETFs saw $5.3 million worth of inflows on Tuesday, bringing monthly inflows to more than $65.3 million, according to SoSoValue.

The activity has not, however, translated into positive momentum for the token, with XRP remaining flat at the $1.43 level in the period.

Prediction market-implied odds of XRP rising above $1.50 in May (a level that hasn’t been surpassed in over two months) now stand at 70%, up from as low as 9% at the start of the week.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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XRP returning to Upbit’s leadership position in trading volume follows the news earlier this week that Ripple’s prime brokerage unit secured a $200 million debt facility from global investment management firm Neuberger Berman to aid with the unit’s margin financing solutions.

Elsewhere, the XRP Ledger notched a new record of 332,000 addresses holding at least 10,000 tokens, worth $14,300, per data analytics platform Santiment. “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning,” Santiment posted Tuesday night on X.

“This is especially notable because XRP has spent much of 2026 trading below previous highs, meaning many holders appear willing to accumulate during fear rather than chase momentum,” Santiment added.

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XRP returning to Upbit’s leadership position in trading volume follows the news earlier this week that Ripple’s prime brokerage unit secured a $200 million debt facility from global investment management firm Neuberger Berman to aid with the unit’s margin financing solutions.

Elsewhere, the XRP Ledger notched a new record of 332,000 addresses holding at least 10,000 tokens, worth $14,300, per data analytics platform Santiment. “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning,” Santiment posted Tuesday night on X.

“This is especially notable because XRP has spent much of 2026 trading below previous highs, meaning many holders appear willing to accumulate during fear rather than chase momentum,” Santiment added.

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