Ethereum whales have taken advantage of the recent price drop on October 23, resulting in significant accumulation of the asset. Data from IntoTheBlock indicates that large Ethereum addresses recorded a net inflow of over 598,000 ETH in the past week, valued at approximately $1.6 billion at current prices. This accumulation trend began after ETH fell from a local high of $2,765 between October 21 and 23.
As of now, Ethereum has gained 4% over the last week, trading at $2,685, with a market capitalization of around $323 billion and a daily trading volume of $21.5 billion.
The whale activity has also led to increased outflows from exchanges. On October 29, Ethereum experienced a net outflow of $277 million, contributing to a total net outflow of $315 million over the past week. The large holder-to-exchange net flow ratio for ETH reached 10%, indicating that whales are more active than retail investors as the price surpassed the $2,600 mark.
Additionally, the past week saw a total of $38 billion in large transactions involving Ethereum, according to ITB data. This high level of accumulation among whales may create a fear of missing out (FOMO) among smaller investors, potentially driving the price of ETH higher.
However, the outlook for Ethereum remains cautious as there is currently no strong bullish catalyst. Spot ETH exchange-traded funds (ETFs) in the U.S. have struggled since their launch in July, reporting a total net outflow of $485.4 million.
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