Large Ethereum holders saw a net inflow of 267,000 ETH, the highest since March, reflecting sustained interest despite market fluctuations.
Large holders of Ethereum (ETH) recorded a significant net inflow of 267,000 ETH on Thursday, marking the highest daily accumulation since March, according to data from the market intelligence platform IntoTheBlock. This inflow proves the sustained interest and activity among significant ETH investors despite the crypto market’s fluctuations.
On Thursday, large ETH holders recorded a net inflow of 267k $ETH, marking the highest daily accumulation since March. pic.twitter.com/uBBhRpCxRz
— IntoTheBlock (@intotheblock) June 10, 2024
Three-Month Netflow and Price Dynamics
The period from March to early June has seen considerable variations in the netflow of ETH among large holders. Significant events include a sharp increase in mid-March, followed by multiple peaks and troughs throughout April, and consistent oscillations in May. A notable spike occurred on June 6th, with a net inflow of roughly 267,870 ETH.
Conversely, the price of ETH, shown in black, has remained relatively stable. Despite these net flows, the price has not shown immediate drastic changes, indicating a resilient market that absorbs large trades without significant volatility. On June 6th, ETH’s price experienced a slight increase to $3,818.90, coinciding with the large net inflow.
Surge in New Wallets
Despite these netflow activities, Ethereum has witnessed a remarkable rise in the number of new wallets. As The Crypto Basic reported, 267,000 new addresses were created on Ethereum on April 28th and 29th, the highest two-day increase since October 2022. This surge suggests a robust expansion of the Ethereum network even amidst a dip in ETH prices.
On the other hand, the number of Ethereum addresses holding a balance of at least 10,000 ETH has seen a significant increase. This surge in such addresses comes as there is a notable resurgence in large-scale accumulation among prominent Ethereum investors, often referred to as “whales.”
As far as ETH price predictions are concerned, VanEck forecasted that Ethereum could reach $22,000 by 2030.