Ethereum Defies Whale SellOff Registers Impressive 15 Surge in One Week
Ethereum whales have been selling off their holdings in the past week, according to on-chain data. Despite this, the price of the asset has remained bullish. Data from IntoTheBlock shows that net flows for large holders of Ethereum decreased from 85,650 ETH in inflows on September 19 to 6,420 in outflows on September 23. This indicates a strong sell-off from Ethereum whales, with the price recovering from $2,300 to $2,400 on September 19. The bullish momentum around the ETH price has mainly come from retail traders rather than large holders. On September 19, Ethereum witnessed an exchange net inflow of 150,690 ETH, but these inflows have since cooled down. Over the past seven days, ETH saw a net inflow of around $480 million into centralized exchanges. The large holder to exchange net inflow ratio suggests that retail traders have been more active, driving the asset’s price up. Despite the sell-off from whales, ETH has gained 15% in the past seven days and is currently trading at $2,640. Ethereum’s market cap is $319 billion with a daily trading volume of over $17 billion. The recent 50 basis-point rate cut by the U.S. Federal Reserve has been one of the main catalysts for the market-wide bullish momentum. However, for Ethereum’s price to sustain its upward movement towards the $2,800 mark, stronger accumulation will be needed.
