Ethereum Rises 15% in a Week Amid Whale Sell-Off

Increased Sell-Off from Ethereum Whales

According to data from IntoTheBlock, net flows for large holders of Ethereum have dramatically decreased. Specifically, inflows dropped from 85,650 ETH on September 19 to just 6,420 ETH in outflows by September 23.

This trend indicates a strong sell-off from Ethereum whales, coinciding with the price recovery from $2,300 to $2,400 on September 19. The bullish momentum around ETH has largely shifted towards retail traders, as large holders have been less active.

Exchange Activity and Retail Trader Influence

Data from IntoTheBlock shows that Ethereum experienced a significant exchange net inflow of 150,690 ETH on September 19. However, this inflow cooled down shortly thereafter. Over the past seven days, ETH saw a net inflow of approximately $480 million into centralized exchanges.

The large holder to exchange net inflow ratio suggests that retail traders have taken a more active role over the weekend, driving the asset’s price upward.

Current Price Performance

Despite the sell-off from whales, ETH has gained 15% in the past week. As of now, Ethereum is trading at $2,640, reflecting a 2.2% increase in the last 24 hours. Earlier today, Ethereum reached a local high of $2,685, marking its first time at this level in a month as on-chain signals remained bullish.

Ethereum’s current market cap stands at approximately $319 billion, with a daily trading volume exceeding $17 billion.

Market Catalysts and Future Outlook

One of the primary catalysts for the recent market-wide bullish momentum was the 50 basis-point rate cut by the U.S. Federal Reserve. However, for Ethereum’s price to sustain its upward movement towards the $2,800 mark, stronger accumulation will be necessary.

Conclusion

While Ethereum whales may be offloading their assets, the overall market sentiment remains positive, driven by retail investor activity and favorable economic conditions. Monitoring these trends will be essential for understanding Ethereum’s trajectory in the coming weeks.