On-chain data shows increased selling by ethereum whales over the past week. But the asset's price remained bullish.
According to data provided by IntoTheBlock, net flows for large ethereum (eth) holders decreased from 85,650 eth in inflows on September 19 to 6,420 in outflows on September 23.
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The indicator shows a strong sell-off by ethereum whales as the price recovered from $2,300 to $2,400 on September 19. At this point, the bullish momentum around eth price is mostly coming from retail traders rather than large holders.
Data from ITB shows that ethereum saw a net inflow of 150,690 eth on Sept. 19, but the inflows soon cooled off. eth saw a net inflow of around $480 million on centralized exchanges over the past seven days.
The ratio of large holders to net inflows suggests that retail traders have been more active over the weekend, driving the asset price higher.
Despite the massive sell-off by whales, eth gained 15% over the past seven days. The leading altcoin is up 2.2% over 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, reaching this level for the first time in a month, as on-chain signals remained bullish.
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ethereum’s market cap currently stands at $319 billion with a daily trading volume of just over $17 billion.
One of the major catalysts for the bullish momentum across the market was the 50 basis point rate cut by the US Federal Reserve. However, ethereum price will need to see stronger accumulation to sustain its upward move towards the $2,800 mark.
