On-chain data shows an increase in selling by Ethereum whales over the past week. But the asset’s price has remained bullish.
According to data provided by IntoTheBlock, net inflows by large Ethereum (ETH) holders decreased from 85,650 ETH inflows on September 19 to 6,420 outflows on September 23.
The indicator shows strong selling from Ethereum whales as the price recovered from $2,300 to $2,400 on September 19. At this point, the bullish momentum around the Ethereum price came mostly from retail traders rather than large holders.
Data from ITB Exchange shows that Ethereum saw a net inflow of 150,690 ETH on September 19, but the flows quickly subsided. Ethereum has seen a net inflow of around $480 million on centralized exchanges over the past seven days.
The large net inflow of stockholders into the exchange indicates that retail traders were more active over the weekend, pushing the price of the asset higher.
Despite the whale sell-off, Ethereum has gained 15% in the past seven days. The leading altcoin is up 2.2% in the past 24 hours and is trading at $2,640 at the time of writing. Earlier today, Ethereum hit a local high of $2,685 — hitting that level for the first time in a month — as on-chain signals remain bullish.
Ethereum’s market cap is currently $319 billion with a daily trading volume of just over $17 billion.
One of the major catalysts for the bullish momentum in the entire market was the 50bps rate cut by the US Federal Reserve. However, Ethereum price will need to see stronger accumulation to sustain its upward move towards the $2,800 level.