Ethereum Whales Accumulate 2682% More ETH, ETFs See $157.09M Inflow

Ethereum’s major holders, often referred to as whales, have returned to the market, seizing the opportunity to accumulate ETH aggressively during the past week’s market consolidation. This resurgence in activity is evident from the significant spike in large holders’ netflow, which has increased by 2682% over the past seven days. This metric tracks the difference between the coins these investors buy and the amount they sell over a specific period, indicating a strong belief in ETH’s future upside as major holders tend to act when they see value at current price levels.

Adding to the bullish narrative, ETH-backed exchange-traded funds (ETFs) recorded their first weekly net inflow in eight weeks. According to the data, net inflows into ETH-backed ETFs reached $157.09 million between April 21 and April 25, reversing an eight-week streak of outflows totaling over $700 million. This shift in sentiment suggests that institutional investors are once again showing interest in ETH, which could potentially drive further price appreciation.

On the technical side, ETH’s positive Balance of Power (BoP) highlights the resurgence in demand for the leading altcoin. This indicator measures the buying and selling pressure of an asset. When its value is positive, buying pressure outweighs selling pressure, indicating strength in ETH’s price movement and signaling further potential upward momentum. If this trend continues, ETH could rally back above $2,000 to exchange hands at $2,027. However, if market sentiment worsens, ETH could shed recent gains and plummet to $1,385.

With major players re-entering the market, ETH could be poised for further upside in the near term. The combination of whale accumulation and ETF inflows suggests a growing confidence in ETH’s potential, which could drive the price higher in the coming weeks. However, investors should remain cautious as market conditions can change rapidly, and it is always advisable to conduct thorough research and consult with professionals before making any financial decisions.