Key Points
On-chain data indicates that large Ethereum holders, also known as whales, have been selling off their holdings over the past week. Despite this, the price of Ethereum remained bullish.
Ethereum Whales and Retail Traders
Data from IntoTheBlock shows that net flows for large holders of Ethereum (ETH) saw a decrease. It went from 85,650 ETH in inflows on Sept. 19 to 6,420 in outflows on Sept. 23.
This data suggests a significant sell-off from Ethereum whales. This occurred as the price recovered from $2,300 to $2,400 on Sept. 19.
Interestingly, the bullish momentum around the ETH price has mostly come from retail traders. Large holders haven’t been the primary drivers of this trend.
ITB data shows that Ethereum experienced an exchange net inflow of 150,690 ETH on Sept. 19. However, these inflows soon 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 indicates that retail traders have been more active. This activity has been 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. This is the first time in a month it has reached this level. On-chain signals remained bullish.
Ethereum’s market cap is currently sitting at $319 billion. Its daily trading volume is just over $17 billion.
A significant catalyst for the market-wide bullish momentum was the 50 basis-point rate cut by the U.S. Federal Reserve. However, for the Ethereum price to sustain its upward movement toward the $2,800 mark, it will need to see stronger accumulation.