Key Points
Ethereum, the second-largest cryptocurrency, is experiencing bearish on-chain signals. This is due to Ethereum whales contributing to a significant exchange net inflow. IntoTheBlock’s data reveals that Ethereum (ETH) saw a centralized exchange net inflow of $493 million in the past week. These large inflows could suggest a possible selloff, which may result in bearish price movements.
Ethereum Whale Activities
Ethereum whale activities on September 10 show that 283,430 ETH, approximately $660 million, was recorded in outflows. Conversely, inflows from large holders decreased from 312,250 ETH to 203,630 ETH on the same day. This indicates an increase in selling pressure from whales.
Furthermore, the net outflow from large holders was almost 80,000 ETH, equivalent to $185 million, on Tuesday. This is according to ITB data. It’s noteworthy that the Ethereum whale net flows have dropped by 296% in the past week.
Selling signals from Ethereum whales, including Ethereum co-founder Vitalik Buterin and the Ethereum Foundation, have resulted in a decline in the asset’s market cap to $280 billion. Currently, ETH’s price has decreased by 1.1% in the past 24 hours and is trading at $2,325.
On September 7, the second-largest cryptocurrency dropped to a local bottom of $2,150. However, it rebounded above the $2,300 mark after 40,000 ETH left derivative exchanges.
The U.S. Consumer Price Index report, which indicates the country’s inflation rate, could potentially influence financial markets, including crypto. The data is set to be released today, September 11. If the CPI is less than the anticipated 2.6%, digital assets could experience potential bullish momentum, and vice versa.
