Ethereum Whales Stack 14% ETH Amid $787M ETF Pullback

Key Notes

• Investors bought over 226,000 ETH over the past week.
• ETH ETF outflows finally stopped with a daily net inflow of just over $44 million.
• Ethereum has been struggling below $4,400, but the bearish momentum may be over.

September started with bullish expectations that were soon undermined by the consecutive selloffs led by the top altcoin, Ethereum

ETH
$4 328



24h volatility:
0.7%


Market cap:
$522.27 B



Vol. 24h:
$27.07 B

.

ETH has been consistently declining since Aug. 24, after hitting its new all-time high of $4,953.

The outflows from the US-based spot ETH exchange-traded funds added to the negative sentiment. These investment products recorded a net outflow of $1.04 billion between Aug. 29 and Sept. 8 in six consecutive trading days, according to data from Farside Investors.

Ethereum is 13% down from its ATH, currently trading at $4,320.

However, the king altcoin is seeing positive momentum coupled with strong accumulation.

The spot ETH ETFs in the US saw an inflow of $44.2 million on Sept. 9, led by BlackRock’s ETHA fund alone. The remaining eight similar investment products stayed neutral.

Ethereum Maxis Didn’t Stop

Despite the negative sentiment around ETH, which was triggered by ETF outflows and price correction, some Ethereum investors continued their accumulation.

According to data from CoinGlass, nearly 226,400 ETH, worth roughly $980 million, left the leading centralized crypto exchanges over the past seven days. Kraken led the chart with a net outflow of almost 146,000 ETH, followed by Coinbase and Bitfinex’s 105,170 ETH and 34,330 ETH, respectively.

Binance and Bybit, on the other hand, witnessed net inflows of 34,500 ETH and 20,400 ETH in the same timeframe.

The movements might have been triggered by the FOMO around the expectations of a Fed rate cut, which can act as a major bullish catalyst for Bitcoin

BTC
$112 359



24h volatility:
0.5%


Market cap:
$2.24 T



Vol. 24h:
$44.84 B

and the rest of the crypto market.

With the current accumulation and rate cut FOMO, Ethereum would need to break the $4,500 psychological barrier to strengthen its upside momentum.

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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.

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