Ethereum Whales Accumulate During Price Drop, Sparking Market Interest

Ethereum whales have taken advantage of the recent price drop on October 23, viewing it as a prime buying opportunity.

Whale Accumulation Data

According to data from IntoTheBlock, large Ethereum addresses have seen a net inflow of over 598,000 ETH in the past week—valued at around $1.6 billion based on current prices. This surge in accumulation began after Ethereum’s price fell from its local high of $2,765 between October 21 and 23.

Ethereum has gained 4% over the last seven days and is currently trading at approximately $2,685. The market cap stands at about $323 billion, with a daily trading volume of $21.5 billion.

Exchange Outflows

The accumulation trend has also led to increased exchange outflows. As per ITB data, Ethereum experienced a net outflow of $277 million on October 29 and a total net outflow of $315 million over the past week. The ETH large holder-to-exchange net flow ratio reached 10%, indicating that whales are more active than retail holders amid the price rise above the $2,600 mark.

Transaction Volume

Over the past seven days, Ethereum recorded a total of $38 billion in large transactions, according to ITB data. This high level of whale accumulation could induce a fear of missing out (FOMO) among smaller investors, potentially driving the ETH price upward.

Market Sentiment

Despite the increased accumulation, Ethereum lacks a strong bullish driver at the moment. Spot ETH exchange-traded funds in the U.S. have struggled since their launch in July, recording a total net outflow of $485.4 million.

Stay updated with the latest news and trends in the cryptocurrency market, covering everything from Ethereum to Bitcoin and beyond.

#CryptoTrading #DataProtection

Post Views: 2