Key Points
Ethereum Accumulation by Whales
Ethereum whales took advantage of the recent price drop on Oct. 23 to gather more of the asset. According to data from IntoTheBlock, large Ethereum (ETH) addresses experienced a net inflow of over 598,000 ETH in the past week. This is equivalent to $1.6 billion at the current price. The accumulation picked up pace after the ETH price fell from its local high of $2,765 between Oct. 21 and 23.
Ethereum has seen a 4% increase in the last seven days and is currently trading at $2,685. The market cap of Ethereum is around $323 billion, with a daily trading volume of $21.5 billion.
The accumulation by whales has led to increased exchange outflows. As per ITB data, Ethereum had a net outflow of $277 million on Oct. 29. The total net outflow over the past week was $315 million.
The large holder-to-exchange net flow ratio for ETH reached 10%. This indicates that whales have been more active than retail holders as the price rose above the $2,600 mark.
Furthermore, Ethereum recorded $38 billion in large transactions over the past seven days, according to ITB data.
High whale accumulation could lead to fear of missing out (FOMO) among small token investors. This could potentially trigger a rise in the ETH price.
Despite this, Ethereum lacks a strong bullish driver. Spot ETH exchange-traded funds in the U.S. have been struggling since their launch in July. They recorded a total net outflow of $485.4 million.
