ethereum whales piled into the asset as it surpassed the $2,600 mark despite a notable increase in currency inflows, leading to mixed signals.
According to data provided by IntoTheBlock, the inflow of large holders of ethereum (eth) has nearly doubled over the past week, recording a net inflow of 97,220 eth on October 15, which is worth approximately $254 million at the current price.
<img decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_eth_large_holders_netflow_ethereum_2024-10-16T06_56_45.097Z.png” alt=”ethereum Whales Bought $254 Million eth Despite Rising Currency Inflows – 1″/>
An increase in an asset's net whale flow shows accumulation and vice versa, according to ITB.
Meanwhile, ethereum exchange net flows also went from a net outflow of 5,700 eth on October 13 to a net inflow of 15,000 eth yesterday. This move shows that investors are looking for short-term gains.
On-chain data shows that eth recorded a net exchange inflow of $8.88 million over the past week.
This change would be considered normal given that eth price rose from the 2,400 zone and surpassed $2,600 after two weeks of bearish consolidation.
The chart shows significant profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday, when ethereum quickly fell from its local high of $2,685 to $2,540. Approximately $16.6 billion was wiped from eth's market capitalization in one hour.
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Despite increased short-term profit-taking, eth still remains above the $2,600 mark at the time of writing. The leading altcoin has a market capitalization of $313 billion with a daily trading volume of $22 billion.
ethereum is still missing a strong catalyst to continue its upward momentum. US-based spot eth exchange-traded funds have also performed poorly. These investment products recorded a net outflow of $12.7 million on October 15, while bitcoin (btc) spot ETFs recorded a net inflow of $371 million.
According to a report by crypto.news, Australia-based Monochrome Asset Management launched the first eth spot ETF in the country on Tuesday. The background currently ethereum-etf#performance” target=”_blank” rel=”nofollow”>has only $272,908 in total net assets.
