Holder of Ethereum (ETH) is returning to the market. In the context of the consolidated market over the past week, major players have seized the opportunity to strongly accumulate ETH.
On-chain data shows an increase in whale holdings, while Ethereum ETF funds record their first weekly net inflow in 8 weeks, signaling a significant change in sentiment.
According to on-chain data, the net cash flow of large ETH holders surged dramatically in the past week. According to the on-chain data provider, this number has skyrocketed by 2,682% in the past 7 days.
Large holders of an asset are addresses of whales holding more than 0.1% of the asset's circulating supply. The net cash flow index of large holders tracks the difference between the number of coins these investors buy and sell within a specific time frame.
When the net cash flow of large holders surges, the asset's whale investors are intensifying their coin accumulation. This accumulation trend shows increased confidence in the future price of ETH, as large holders tend to act when they see value at the current price.
Adding to the price increase story, Ethereum ETFs recorded their first weekly net inflow after 8 weeks. According to SosoValue, the net cash flow into ETH ETFs reached $157.09 million between April 21 and April 25, reversing the 8-week outflow chain with a total value of over $700 million.
With large companies re-entering the market, ETH may experience even stronger price increases in the near future.
Technically, ETH's positive Balance of Power (BoP) indicator highlights the recovery of demand for the top altcoin. Currently, this number is 0.31.
This indicator measures the buying and selling pressure of an asset. When its value is positive, buying pressure will be greater than selling pressure. This indicates strength in ETH's price volatility and signals potential for further upward momentum. If this occurs, ETH could recover to above $2,000 to trade at $2,027.
However, if market sentiment deteriorates, ETH could lose its recent gains and drop to $1,385.
Disclaimer: The article is for informational purposes only, not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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Minh Anh
