Large Ethereum holders saw a net inflow of 267,000 ETH, the highest since March, reflecting sustained interest despite market fluctuations.
Great 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 InBlock. This influx demonstrates sustained interest and activity among major ETH investors despite fluctuations in the cryptocurrency market.
Large ETH holders saw a net inflow of $267,000 in ETH on Thursday, marking the highest daily accumulation since March. pic.twitter.com/uBBhRpCxRz
— IntoTheBlock (@intotheblock) June 10, 2024
Quarterly net flow and price dynamics
The period from March to early June saw notable changes in the net flow of ET among the great holders. Significant events include a sharp increase in mid-March, followed by multiple highs and lows throughout April, and steady swings into May. A notable peak occurred on June 6, with a net inflow of approximately 267,870 ETH.
In contrast, the price of ETH, shown in black, remained relatively stable. Despite these net flows, the price showed no drastic changes immediately, indicating a resilient market that absorbs large trades without significant volatility. On June 6, ETH price saw a slight increase to $3,818.90, coinciding with the large net inflow.
Increase in new portfolios
Despite these netflow activities, Ethereum has seen a notable increase in the number of new wallets. As reported by The Crypto Basic, 267,000 new addresses were created on Ethereum on April 28 and 29, the highest two-day increase since October 2022. This surge suggests robust expansion of the Ethereum network even in a context of declining ETH prices.
On the other hand, the number of Ethereum addresses with a balance of at least 10,000 ETH has seen a significant increase. This surge in such addresses comes in conjunction with a notable resurgence in large-scale accumulation among major Ethereum investors, often referred to as “whales.”
As for ETH price predictions, VanEck predicted that Ethereum could reach $22,000 by 2030.
