While Ether ETFs are approaching net outflows of $500 million, Ethereum whales continue to accumulate ETH. Over the past 4 days, whales have accumulated more than 200,000 ETH worth more than $540 million.
Analyst Satoshi Sniper shared data from CryptoQuant in an X post on 26th August, outlining Ethereum’s balance by holder value.
Whales purchase ETH despite its sluggish price momentum
Whales have been purchasing large amounts of Ethereum despite the fact that Ethereum’s price momentum has been rather sluggish. The coin fell by 4% by 12:37 PM (UTC) on 27th August and traded at $2,627. At press time, it has fallen further down to $2,578 based on CoinMarketCap data.
According to Farside Investors data, total net outflows worth $478 million have been recorded on nine US spot Ether ETFs since their launch. This figure is soon to approach the $500 million mark later in this week.
Most of these outflows can be attributed to the Graysale Ethereum Trust ETF which totaled $2.5 billion worth of Ethereum since their trading began on 23rd July.
Earlier, Ethereum investors were expecting the price to surge noticeably after the launch of the ETFs. However, based on the total trading volume of Ethereum ETFs, it looks like the demand from traditional investors is yet to come.
Is this the Ethereum bottom?
Even though Ether ETF outflows continue to increase, some analysts are of the view that Ethereum’s price may be bottomed out already. A market analyst, CryptoBullet created an X post earlier, mentioning that if ETH remains above $2,500, the bottom might be in.
As of now, $2,700 is a major resistance for Ethereum’s chart. The upcoming Nvidia earning report on 28th August is expected to have some effect on the price action of Ethereum. At the same time, another popular analys Titan wrote in an X post:
“The gap on the ETH CME Futures 4H chart could attract the price to $3,000 in the short term.”
Titan on X
Source: https://www.cryptopolitan.com/ethereum-whales-accumulate-over-200000-eth-is-this-the-bottom/