4.6m EIGEN entered the exchanges, profit-taking could be on the way

EigenLayer, the native token of the Ethereum-based repurchase protocol, regained its bullish momentum and closed the gap with an all-time high.

EigenLayer (EIGEN) is up 17% in the last 24 hours and is trading at $4.07 at the time of writing. The market value is around $760 million and the daily trading volume is $475 million. The asset even reached an intraday high of $4.15 earlier today before some traders started taking profits.

At this point, EIGEN is 10% away from its ATH of $4.58 on launch day, October 1.

According to data provided by IntoTheBlock, more than 4.6 million EIGEN tokens entered centralized exchanges on October 8. This move indicates investors’ potential readiness to take short-term profits as the token’s price approaches ATH.

EIGEN price and foreign exchange net flows – October 9 | Source: IntoTheBlock

Data shows that the net flow ratio of EigenLayer’s major shareholders to the stock market reached 9.18% on the same day. The indicator shows that EIGEN whales have also begun to accumulate the asset and push the price up.

Moreover, EIGEN recorded a total of $1.7 billion in whale transactions worth at least $100,000 last week, according to data from ITB. Whales moved more than 47 million EIGEN tokens worth $177 million in 277 unique transactions on October 8 alone.

According to data from DefiLlama, EigenLayer is currently the third largest decentralized finance protocol with a total value locked of $10.7 billion. The TVL of the repurchasing DeFi platform exceeded $20 billion in June and has been declining steadily since then.

According to crypto.news report, EIGEN’s 1-hour chart showed a strong bullish trend on October 8. It is important to note that EIGEN’s token unlocks may reduce the price as the number of tokens in circulation increases.