Whales accumulated $1.6b in ETH in 7 days, exchange outflows surge

Ethereum whales have been accumulating assets as the price drop on October 23 brought a buying opportunity.

According to data provided by IntoTheBlock, major Ethereum (ETH) addresses saw net inflows of over 598,000 ETH last week; this was worth $1.6 billion at current prices. Accumulation gained momentum after the ETH price fell from its local high of $2,765 between October 21-23.

ETH large holder net flows | Source: IntoTheBlock

Ethereum is up 4% in the last seven days and is trading at $2,685 at the time of writing. Its market cap currently hovers around $323 billion and its daily trading volume is $21.5 billion.

Data shows that whale accumulation also brings increased foreign exchange outflows. According to ITB data, Ethereum saw a net outflow of $277 million on October 29, and a total net outflow of $315 million last week.

ETH’s major holder-exchange net flow rate reached 10%, indicating that whales were more active than retail holders in the price increase above $2,600.

Moreover, ITB data shows that Ethereum recorded a total of $38 billion in large transactions in the last seven days.

High whale accumulation may trigger fear of missing out, also called FOMO, among small token investors. This could potentially trigger upward momentum in ETH price.

However, Ethereum does not have a strong bullish driver. Spot ETH exchange-traded funds in the US have also struggled since their launch in July, recording net outflows totaling $485.4 million.