Ethereum Exchange Reserves and Institutional Demand 

According to CryptoQuant data, strategic Ethereum reserves exceeded 2.7 million ETH and $10 billion at the end of July. In the first week of August, this figure rose to 3 million ETH. Institutional purchases kept ETH strong despite selling pressure. Investors interpreted the decrease in exchange reserves during ETH’s price rise as a sign of long-term confidence. This trend continues to support Ethereum’s market performance. 

Chainlink (LINK) and Pi Network (PI) Exchange Reserves Activity 

Chainlink’s exchange reserves have dropped by 16% since the beginning of the year to 146.2 million LINK. However, LINK price increased by 15%, rising from $15.5 to over $19. Santiment data revealed renewed accumulation of large LINK amounts in on-chain wallets. At the beginning of August, wallets holding between $100K and $1M LINK increased by 4.2%. Additionally, Chainlink Reserve, an application converting protocol revenues into LINK purchases, was launched in August, strengthening long-term accumulation trends. 

Pi Network’s exchange reserves exceeded 405 million PI at the end of July but slightly dropped to 403 million PI in early August. This decline paralleled a 10% price drop to $0.366. Investors began to see these price levels as buying opportunities. This development, seen as a sign of renewed accumulation in Pi Network, warrants close monitoring of reserves. Meanwhile, while exchange supply decreases, prices show signs of recovery. 

Conclusion 

In the first week of August, Ethereum, Chainlink, and Pi Network experienced notable changes in exchange reserves. Institutional demand in Ethereum and long-term accumulation in Chainlink and Pi Network are dominant factors. These dynamics suggest the market is poised for a new upward momentum. 

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Ethereum price has reached $2,438, preparing to test the $2,500 level. ETH is currently trading within the $2,450 – $2,405 resistance band. Breaking through this zone could push the price toward the $2,550 level. This upward breakout, supported by technical indicators and liquidity structure, could pave the way for a strong rally.

However, if this resistance zone fails to break, the first major support lies around $2,200. This area has historically attracted strong buying interest and served as a rebound zone. Therefore, in the event of a pullback, this level will be critical for investors to monitor closely.

The liquidation map shows that the price is forming higher lows and heading toward liquidity-rich zones. Liquidity pockets above $2,500 could trigger stop orders, pushing the price higher. Market makers taking positions in these areas and short squeeze scenarios may further accelerate the uptrend. Meanwhile, the increasing trading volume since May resembles the bear market of July–August 2022, indicating renewed interest from both retail and institutional investors.

Institutional Capital Flowing Into Ethereum

On-chain data also supports bullish expectations. On Monday, investors withdrew 61,000 ETH from Binance. This move suggests a shift toward a long-term holding strategy instead of short-term trading.

According to Swissblock analysis, 90% of Bitcoin supply is in profit, while Ethereum is below 80%. This discrepancy indicates that ETH may enter a “catch-up” phase, as seen in previous cycles. The ETH/BTC ratio is near multi-year lows, suggesting Ethereum is undervalued.

In June, inflows into spot Ethereum ETFs rose by 68.4% to $950 million. In contrast, spot Bitcoin ETF inflows dropped by 49.5% to $2.64 billion. This clearly shows a capital shift from BTC to ETH, highlighting the growing institutional focus on Ethereum.

THIS IS NOT INVESTMENT ADVICE

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BlackRock has made a significant shift in its crypto holdings. While divesting $561 million worth of Bitcoin, it also purchased $69 million worth of Ethereum. 

On May 30, it transferred 4,113 BTC via Coinbase Prime, followed by another 1,249 BTC on June 2. In total, 5,362 BTC were moved—equivalent to approximately $561 million. According to Onchain Lens, most of these transactions occurred in blocks of 300 BTC. These transfers coincided with outflows from the iShares Bitcoin Trust ETF: $430.8 million on May 30 and $130.4 million on June 2—totaling exactly $561 million over the two days. 

Coinbase Prime has become the preferred platform for institutional-level Bitcoin transfers. This suggests that BlackRock either sold off BTC or rebalanced its funds. 

BlackRock Turns to Ethereum with a New Strategy 

During the same period, BlackRock acquired 27,241 ETH via Coinbase, worth approximately $69.25 million. This move clearly signals the institution’s growing interest in Ethereum. On June 2, the iShares Ethereum Trust fund led the market with $48.4 million in net inflows. On the same day, the Fidelity Ethereum Fund attracted $29.78 million, bringing total daily inflows to $78.17 million—data published by SoSo Value. Furthermore, Ethereum ETFs saw inflows for 11 consecutive days, pushing total net inflows to $3.12 billion. This trend indicates rising momentum among ETF investors toward Ethereum. 

Bitcoin recently hit an all-time high of $112,000 before plummeting to $103,000. As of June 3, it recovered to $106,600. This price volatility prompted many institutional investors to take profits. Bloomberg analyst Eric Balchunas noted that ETF outflows prompted fund sales, further supporting BlackRock’s decision to reduce its BTC holdings. 

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