Ethereum ETFs See $795M Outflows Amid Whale Accumulation
Spot Ethereum ETFs have faced significant withdrawals, with net outflows reaching $248 million on Friday and totaling $795 million for the week. This trend aligns with a recent decline in ETH price.
- ETH traded above $4,000 but dropped from near $4,500 to as low as $3,850 during the week.
- The decrease coincided with a major derivatives market reset, leading to substantial long position liquidations.
Whale Activity
- Large investors accumulated 431,018 ETH (worth $1.73 billion) over the past two days.
- Total accumulation reached nearly 570,000 ETH in the past week, yet the price hasn't rebounded significantly.
A CryptoQuant analyst attributes the price drop to heavy long positions creating vulnerability to forced liquidations, which surpass demand. Such scenarios have previously led to sustainable rallies after initial declines.
Potential Whale Sell-off
- A major Ethereum investor deposited 1,000 ETH into an exchange, potentially signaling a sell-off.
- This investor's actions could lead to a realized profit of $2.42 million, with remaining holdings still showing gains.