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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.
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