Safe (safe) 
Ethereum Whales Accumulate as Price Surges Above $2,600
Ethereum whales have been actively accumulating the cryptocurrency as its price surged above the $2,600 mark, despite a significant increase in exchange inflows. This has led to mixed signals in the market.
According to recent data from IntoTheBlock, Ethereum’s large holder inflow nearly doubled over the past week. On October 15, the net inflow was 97,220 ETH, approximately worth $254 million at the current price point.
Large Holder Net Flows
An increase in an asset’s whale net flow indicates accumulation, while a decrease suggests the opposite. The Ethereum exchange net flows also changed significantly, shifting from a net outflow of 5,700 ETH on October 13 to a net inflow of 15,000 ETH the following day. This indicates that investors are potentially aiming for short-term profits.
On-Chain Data and Market Movements
On-chain data shows that Ethereum registered an exchange net inflow of $8.88 million over the past week. This shift is considered normal as the ETH price moved from the $2,400 zone and surpassed $2,600 after two weeks of bearish consolidation.
The chart highlights major profit-taking activity between 14:00 UTC and 15:00 UTC on Tuesday, with Ethereum’s price quickly dropping from its local high of $2,685 to $2,540. Approximately $16.6 billion was wiped from the ETH market cap within an hour.
Current Market Status
Despite the increased short-term profit-taking, Ethereum is still maintaining a price above the $2,600 mark at the time of writing. The leading altcoin has a market cap of $313 billion and a daily trading volume of $22 billion.
However, Ethereum still lacks a strong catalyst to continue its upward momentum. U.S.-based spot Ethereum exchange-traded funds (ETFs) have also been underperforming, with a net outflow of $12.7 million on October 15, while spot Bitcoin ETFs saw a net inflow of $371 million.
The Australia-based Monochrome Asset Management launched the first spot Ethereum ETF in the country on Tuesday. The fund currently holds $272,908 in total net assets.
Stay updated with the latest cryptocurrency news and trends on Global Crypto News.
#CryptoBulls #DigitalAssets #BullMarket
