Ethereum whales surged above the $2,600 mark, triggering mixed signals and accumulating assets despite a notable increase in forex inflows.
Ethereum (ETH) large holder inflows have nearly doubled in the past week, with a net inflow of 97,220 ETH on October 15th, compared to the current amount, according to data provided by IntoTheBlock. This equates to approximately $254 million in price.
Net flows of large holders – October 16 | Source: Into the Block
Per ITB, an increase in the whale net flow of assets indicates accumulation and vice versa.
Meanwhile, the net inflow on the Ethereum exchange also changed from a net outflow of 5,700 ETH on October 13th to a net inflow of 15,000 ETH yesterday. The move shows investors are looking for short-term gains.
According to on-chain data, ETH recorded $8.88 million in net inflows from exchanges last week.
This change is considered normal given that ETH price rose from the 2,400 zone and crossed $2,600 after two weeks of bearish consolidation.
This chart shows significant profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday as Ethereum quickly plummeted from a local high of $2,685 to $2,540. Approximately $16.6 billion was wiped from the ETH market cap within an hour.
ETH Price – October 16 |Source: crypto.news
Despite increasing short-term profit taking, ETH is still trading above $2,600 at the time of writing. The major altcoins have a market capitalization of $313 billion and a daily trading volume of $22 billion.
Ethereum still lacks a strong catalyst to continue its upward momentum. The performance of the US-based Spot ETH exchange-traded fund has also been weak. On October 15th, these investment products recorded net outflows of $12.7 million, while the Spot Bitcoin (BTC) ETF had net inflows of $371 million.
Australia-based Monochrome Asset Management launched the country’s first Spot ETH ETF on Tuesday, crypto.news reports. The fund currently has total net assets of only $272,908.
