ethereum whales are sending bearish on-chain signals as the second-largest cryptocurrency struggles with net exchange inflows.
According to data provided by IntoTheBlock, ethereum (eth) saw a net inflow of $493 million on the centralized exchange over the past week. The massive inflows on the CEX could signal a possible liquidation, leading to bearish price movements.
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Data from ITB shows that ethereum whales recorded 283,430 eth, worth approximately $660 million, in outflows on Sept. 10. On the other hand, inflows from large holders decreased from 312,250 eth to 203,630 eth on the same day.
This shows increased selling pressure from whales.
Net outflows from large holders reached nearly 80,000 eth, worth $185 million, on Tuesday, according to ITB data. Notably, net outflows from ethereum whales have plummeted by 296% over the past week.
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One of the bearish moves came from ethereum co-founder Vitalik Buterin and the ethereum Foundation.
As a result, sell signals from ethereum whales pushed the asset’s market cap down to $280 billion. eth is down 1.1% over the past 24 hours and is trading at $2,325 at the time of writing.
The second-largest cryptocurrency fell to a local low of $2,150 on Sept. 7 but soon recovered above the $2,300 mark after 40,000 eth left derivatives exchanges.
At this point, the US Consumer Price Index report, which shows the inflation rate in the country, could act as a major catalyst for financial markets, including the cryptocurrency market. The data will be released today, September 11.
If the CPI falls below the expected 2.6%, a potential bullish momentum would be expected for digital assets, and vice versa.
