Key Points
Despite the increased exchange inflows, Ethereum whales have been accumulating the asset, leading to its surge above the $2,600 mark. According to data from IntoTheBlock, the inflow from large Ethereum holders nearly doubled in the past week. On October 15, a net inflow of 97,220 Ethereum, worth approximately $254 million at current prices, was registered.
Exchange Inflows and Price Movements
An asset’s whale net flow increasing signifies accumulation. Meanwhile, the net flows of Ethereum on exchanges have also changed. From a net outflow of 5,700 Ethereum on October 13, it shifted to a net inflow of 15,000 Ethereum. This suggests that investors are targeting short-term profits.
Over the past week, on-chain data revealed an exchange net inflow of $8.88 million for Ethereum. This is considered normal, given the rise in Ethereum’s price from the 2,400 zone to over $2,600 following two weeks of bearish consolidation. Between 14:00 UTC and 15:00 UTC on Tuesday, the chart showed a major profit-taking momentum as Ethereum’s price quickly dropped from its local high of $2,685 to $2,540. This resulted in roughly $16.6 billion being wiped from Ethereum’s market cap within an hour.
Despite this short-term profit-taking, Ethereum remains above the $2,600 mark. The leading altcoin has a market cap of $313 billion and a daily trading volume of $22 billion. However, Ethereum lacks a strong catalyst to continue its upward momentum.
U.S.-based spot Ethereum exchange-traded funds have been underperforming, recording a net outflow of $12.7 million on October 15. In contrast, spot Bitcoin exchange-traded funds saw a net inflow of $371 million. Australia-based Monochrome Asset Management recently launched the country’s first spot Ethereum ETF. However, the fund currently only has $272,908 in total net assets.
