Key Points
- Crypto investment products saw $508 million in outflows, while ETH recorded $3.7 million in weekly flows.
- Currently, ETH is trading around $2,670, down by 5% for the day.
Crypto investment products recorded outflows of around $508 million in the past week, with Bitcoin seeing $571 million in outflows. Ethereum recorded $3.7 million in inflows, however, the coin's price is seeing a downward trajectory today, amidst whale sales.
ETH Price, Down by 5%
At the moment of writing this article, ETH is trading at around $2,670, down by approximately 5% today.
Earlier, ETH was trading above $2,800, but its price kicked off a downward trajectory, triggered by whales selling.
Some Crypto Whales Are Selling ETH
According to recent reports from Lookonchain, a whale deposited 14,977 ETH worth over $40,5 million to Binance in the past two hours.
On-chain data shows that from April 28, 2023 to June 26, 2023, the whale withdrew 31,417 ETH worth over $60 million from Binance at an average price of $1,866.
Since March 20, 2024, the same whale deposited ETH worth over $90 million to Binance at an average price of $2,939.
Lookonchain noted that the whale currently holds ETH worth over $10 million, making a profit of more than $40 million.
The whale's latest ETH transfers to Binance could signal upcoming selling.
The crypto market is down by over 3% today, following a week of significant outflows.
Crypto Investment Products Recorded $508 Million Outflows
According to Coinshares, digital asset investment products recorded outflows totaling $508 million last week, amidst investor caution, triggered by US tariffs, inflation, monetary policy, and various crypto events that triggered fear. The LIBRA launch and the latest Bybit hack are among such recent events.
Bitcoin was the main focus regarding outflows, as the coin recorded $571 million outflows last week, according to the same data.
Ethereum recorded $3.7 million in inflows during the past seven days.
It's also worth noting that Ethereum is ranked as the number 1 chain in Artemis' top 20 list of chains by inflows in the past 7 days.
Ethereum, 1st Spot in Top 20 Chains by Inflows List
Accoridng to the same data, Ethereum recorded $8.1 billion in inflows YTD, with Base on the second position at $2 billion in inflows. Arbitrum takes the third spot on the list with $1.9 billion inflows YTD and Solana is fourth with $1.2 billion inflows YTD.
ETH was in the spotlight a lot recently following the Bybit hack of almost $1.5 billion that took place last week.
On February 21 when the hack took place, ETH's price dropped from above $2,800 to $2,600 levels before a price rebound that lasted until today.
