Ethereum Whales Go On Buying Spree Amidst Supply Shock Fears

Digital asset investment products experienced a significant surge in inflows last week, totaling $533 million, the largest in five weeks, according to CoinShares.

This influx was largely driven by Bitcoin, which saw inflows of $543 million, while Ethereum faced outflows of $36 million.

However, a closer look at Ethereum’s ecosystem reveals a fascinating trend. The percentage of ETH held on centralized exchanges has hit an all-time low, sparking concerns of a potential supply shock. In response, Ethereum whales have aggressively accumulated over 200,000 ETH in the past 96 hours, adding approximately $540 million to their holdings.

Ethereum Spot ETFs Saw Notable Net Outflow Of $44.54 Million Last Week 

Meanwhile, Ethereum spot ETFs saw a net outflow of $44.54 million last week, with Grayscale’s ETHE experiencing a significant outflow of $118 million. In contrast, BlackRock’s ETHA and Fidelity’s FETH saw inflows of $26.77 million and $22.94 million, respectively. The total net asset value of Ethereum spot ETFs now stands at $7.652 billion.

As Ethereum’s supply dynamics continue to shift, investors are closely watching the potential implications of a supply shock. Will this trend continue, and what does it mean for Ethereum’s future prospects? Only time will tell, but one thing is certain – Ethereum whales are making their move.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/ethereum-whales-go-on-buying-spree-amidst-supply-shock-fears/