An has caused panic among community members following a recent transaction suggesting they might be looking to offload their holdings. This comes amid a recent prediction by that Ethereum’s price could significantly rebound from its current price level.
Ethereum Whales Transfers 11,215 ETH
Onchain shows that the Ethereum whale transferred 11,215 ETH ($34.3 million) to the . A trader usually makes such a move when selling these tokens, and considering the amount of tokens involved, such a sale could significantly impact ETH’s price. However, from the shows that there might be a demand for these tokens if, indeed, this whale is looking to offload their tokens.
There has been an increase of 132% in the large holders’ netflow to exchange netflow ratio in the last seven days, which suggests that Ethereum whales are actively accumulating more ETH. The flow metrics also paint an accumulation trend among , with inflow volume into exchanges down by over 11% in the last seven days.
During this period, the outflow volume from these exchanges has increased by 3%, further confirming that Ethereum investors are looking to hold their positions and accumulate more ETH at this point. This is undoubtedly a positive development for Ethereum’s price, which could witness a significant rebound thanks to this wave of accumulation.
Research firm Matrixport also that ETH’s price would rebound from its current price level thanks to the , which they claimed could launch as early as this week.
While that remains uncertain, market experts like have suggested that it shouldn’t be long before these Spot Ethereum ETFs begin trading. This is because fund issuers have implemented most of the comments that the Securities and Exchange Commission (SEC) had on their S-1 filings.
ETH Is Primed For A Rally
mentioned in an X (formerly Twitter) that Ethereum is primed for a rally. He made this assertion based on Ethereum’s dwindling supply. He noted that 40% of Ethereum’s supply is locked up, with 28% staked and the other 12% in smart contracts and bridges.
Additionally, Waidmann expects this supply to continue to reduce once the begin trading, with institutional investors taking a huge chunk of the supply off exchanges. Based on this, Ethereum could rally on the back of the supply and demand dynamics since demand is bound to outpace supply at some point.
Crypto analyst Follis that Ethereum’s chart looks identical to Bitcoin’s just before it pumped over 200% last year. He suggested that the could be the catalyst that sparks a similar rally for ETH.