Whales are accumulating Ethereum (ETH) following a price drop, with large addresses seeing a net inflow of over 598,000 ETH ($1.6 billion) in the past week. The accumulation has resulted in increased exchange outflows, with a net outflow of $315 million over the past week. This accumulation and outflow trend indicates that whales have been more active than retail holders. Ethereum recorded $38 billion in large transactions in the past seven days. The high whale accumulation could potentially trigger FOMO among small token investors and drive the price of ETH upward. However, the lack of a strong bullish driver and struggles faced by ETH exchange-traded funds in the US may impede further price growth.
- Content Editor ( crypto.news )
- 2024-10-30
Whales accumulated $1.6b in ETH in 7 days, exchange outflows surge