🌎 Ethereum Price Surges Despite Major Whale Sell-Offs

On-chain data indicates a significant selloff from Ethereum whales over the past week, yet the asset’s price has remained bullish.

Ethereum Whale Activity

According to data from IntoTheBlock, net flows for large holders of Ethereum decreased from 85,650 ETH in inflows on September 19 to 6,420 ETH in outflows on September 23. This trend highlights a strong sell-off from Ethereum whales as the price recovered from $2,300 to $2,400 on September 19. The bullish momentum around the ETH price has largely come from retail traders rather than large holders.

Exchange Net Inflows

Data reveals that Ethereum witnessed an exchange net inflow of 150,690 ETH on September 19, but the inflows soon cooled down. Over the past seven days, ETH saw a net inflow of around $480 million into centralized exchanges.

Retail Traders Drive Price Up

The large holder to exchange net inflow ratio suggests that retail traders have been more active over the weekend, driving the asset’s price up. Despite the selloff from whales, ETH gained 15% in the past seven days. The leading altcoin is up by 2.2% in the past 24 hours and is trading at $2,640 at the time of writing. Earlier today, Ethereum touched a local high of $2,685 — reaching this level for the first time in a month — as on-chain signals remained bullish.

Market Cap and Trading Volume

Ethereum’s market cap is currently sitting at $319 billion with a daily trading volume of just over $17 billion.

Catalysts for Bullish Momentum

One of the main catalysts for the market-wide bullish momentum was the 50 basis-point rate cut by the U.S. Federal Reserve. However, the Ethereum price will need to see stronger accumulation to sustain its upward movement toward the $2,800 mark.