However, the price of BTC appears to have returned to its sluggish pattern of action over the weekend, dropping to around $115,000 on Saturday, August 23. According to the latest on-chain data, the BTC price might be stuck in this phase of muted action in preparation for its next move.

BTC Market Activity Wanes — What’s Next For Price?

In a new post on social media platform X, Alphractal revealed that the Bitcoin market seems to be shaping up for the next big move in the coming weeks. This projection is based on the 30-Day Active Supply metric, which measures the number of unique coins that moved at least once over the past month.

The 30-Day Active Supply metric functions as a thermometer of the market interest in BTC, indicating both overheated and cool market conditions. When the metric rises, it suggests the inflow of fresh capital circulating and stronger investor activity.

Historically, increases in the Bitcoin 30-Day Active Supply have often coincided with price tops and bottoms, especially as investors are inclined to move their coins around during times of extreme greed or fear. Hence, a rise in the metric can be associated with a potential market reversal.

Meanwhile, a drop in the Bitcoin 30-Day Active Supply metric signals calmer market conditions with hesitation among investors, typically after periods of high stress or enthusiasm. When fewer coins are on the move and supply is relatively stable, a tightening effect takes place in the market.

According to data from Alphractal, the Active Supply indicator shows that the Bitcoin market has witnessed a cooldown in activity in recent weeks. The on-chain analytics firm added that the slowdown in the market activity could mean that the BTC price is preparing for the next big move.

With an improving macroeconomic environment, the Bitcoin price appears to be consolidating within a narrow range beneath its all-time high. Hence, a sudden spike in activity could see the market leader enter a new expansion phase, with the potential to hit new highs.

Bitcoin Price At A Glance

As of this writing, the price of BTC sits just above the $115,000 mark, reflecting an almost 2% decline in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is down by more than 2% in the last seven days.

Spot Ethereum (ETH) exchange-traded funds (ETFs) are close to breaking the $10 billion mark in inflows this month, as BlackRock’s ETHA makes its way to the spot of fourth-largest ETF by inflows in the last 30 days.

According to Farside Investors’ data, spot Ethereum ETFs accumulated $9.3 billion in inflows as of July 25. This represents a 120% increase from the $4.2 billion registered on July 1, marking 16 consecutive days of inflows.

The average daily inflow is $233 million, which would total over $930 million in the four trading days left in July. 

Even if the average doesn’t repeat itself, the ETFs require $162.5 million daily to reach $10 billion, and 13 out of 16 trading days with inflows have surpassed this amount.

ETHA leads the inflows by a large margin, accounting for $9.34 billion in total flows, nearly four times the $2.35 billion in inflows of Fidelity’s FETH. In July, the BlackRock fund represented 91% of the total.

ETHA joins the “big boy club”

Bloomberg senior ETF analyst Eric Balchunas highlighted that ETFs took $97.6 billion in inflows in the past 30 days. ETHA took the spot as the fourth-largest ETF, showing nearly $3.9 billion in inflows, roughly 4% of the total.

Moreover, Balchunas noted that ETHA registered the 17th-largest trading volume among ETFs as of July 28, 11:25 am ET. He added:

“$ETHA 17th most traded ETF today Top 0.4% of all ETFs, first time I recall seeing it in there. Given it is up 5% today and still pretty new a lot of this volume is gonna convert to inflows.”

As of press time, ETHA’s daily trading volume stands at $1.35 billion, according to data from CoinMarketCap.

Rising conviction in Ethereum

Shawn Young, chief analyst at MEXC Research, assessed that the rising inflows are driven by both institutional whales and corporate treasury firms’ appetite for ETH. 

In a note, he said this growth reflects the increased conviction in Ethereum’s utility, sustainability, and long-term staying power, particularly due to its use in tokenization, stablecoins, and on-chain settlement.

He concluded:

“The rise of Ether ETF AUM to over $20 billion, which represents almost 5% of Ether’s total market cap, speaks to this growing strategic asset role it’s now occupying in institutional portfolios.”

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