ethereum whales have been accumulating the asset as the October 23 price drop brought a buying opportunity.
According to data provided by IntoTheBlock, large ethereum (eth) addresses experienced a net inflow of over 598,000 eth over the past week, worth $1.6 billion at the current price. The accumulation gained traction after the price of eth fell from its local high of $2,765 between October 21 and 23.
<img decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_eth_large_holders_netflow_ethereum_2024-10-30T10_30_45.668Z.png” alt=”Whales Accumulated $1.6 Billion in eth in 7 Days, Currency Outflows Increase – 1″/>
ethereum gained 4% in the last seven days and is trading at $2,685 at the time of writing. Its market capitalization is currently around $323 billion with a daily trading volume of $21.5 billion.
The data shows that the accumulation of whales has also caused greater currency outflows. According to ITB data, ethereum recorded a net outflow of $277 million on October 29 and a total net outflow of $315 million over the past week.
The net flow ratio between large eth holders and exchanges reached 10%, showing that whales have been more active than retail holders amid the price surge above the $2,600 mark.
Additionally, ethereum recorded a total of $38 billion in large transactions over the past seven days, ITB data shows.
High whale accumulation could trigger fear of missing out, also called FOMO, among small token investors. This could potentially trigger bullish momentum for eth price.
However, ethereum lacks a strong bullish driver. eth spot exchange-traded funds in the US have also struggled since their launch in July, recording a total net outflow of $485.4 million.
