Daily digest market movers: Ethereum ETFs, whale dump, buy signal in on-chain metrics
Ethereum ETFs globally saw a net inflow of $155 million last week, the highest among all digital assets, based on CoinShares' data. The ETH ETF inflows indicate that traditional investors capitalized on the market correction last week to scoop up ETH at lower prices.
Notably, BlackRock's iShares Ethereum ETF (ETHA) is on the way to hit $1 billion in cumulative net inflows after crossing $900 million last week.
With outflows from Grayscale's ETHE slowing down and the wider market recovering, ETH ETFs could positively impact ETH's price in the coming weeks.
However, a few old whales are still shedding their holdings and may cause short-term bearish pressure. According to Lookonchain's data, an Ethereum whale deposited 5,000 ETH worth $13.2 million to the OKX exchange in the past few hours. The whale has been depositing ETH to OKX since July, potentially selling 48,500 ETH worth $154 million.
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