CandleFocus Ethereum whales bought $254m ETH despite rise in exchange inflows
2024-10-16
Author: Content Editor
Ethereum whales have been accumulating the cryptocurrency as it surged above the $2,600 mark, despite an increase in exchange inflows. Data from IntoTheBlock shows that Ethereum large holders have nearly doubled their inflow over the past week, indicating accumulation. However, there has also been an increase in short-term profit-taking, as evidenced by the shift in Ethereum exchange net flows from outflow to inflow. On-chain data shows an exchange net inflow of $8.88 million for ETH over the past week. Despite this, ETH is still trading above $2,600 and has a market cap of $313 billion. The lack of a strong catalyst and poor performance of U.S.-based spot ETH exchange-traded funds suggest that Ethereum's upward momentum may be limited.
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