Ethereum whales are returning: ETH-based ETFs record net inflow

Large holders of Ethereum are returning to the market. Last week, when the market was consolidating, major players were actively accumulating ETH.

Let’s figure out what’s happening in the Ethereum-based ETF market ETHUSD.

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Whales accumulate Ethereum

According to on-chain data, the leading altcoin has recorded a significant surge in net inflow from large holders over the past week. The figure has increased by 2,682% in the last seven days.

This dynamics means that “whales” are actively accumulating coins. This accumulation trend indicates a belief in the future growth of ETH, as large holders usually act when they see a profit at current levels.

ETFs based on ETH recorded their first weekly inflow in the last eight weeks. According to SosoValue, from April 21 to April 25, the net inflow into these ETFs amounted to $157.09 million, ending an eight-week streak of outflows exceeding $700 million.

With the return of major players to the market, ETH may be poised for further growth in the near future.

Ethereum is showing bullish momentum

The positive balance of forces (BoP) highlights the resurgence of interest in this leading altcoin. Currently, it stands at 0.31. This means that buyers dominate over sellers.

If the market situation does not change, ETH will have a chance to rise above $2,000 and reach $2,027. On the other hand, if market sentiment worsens, ETH risks losing its recent gains and falling to $1,385.

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