Whales accumulated $1.6b in ETH in 7 days, exchange outflows surge

Ethereum Whales Accumulate Amid Price Drop: FOMO Could Trigger Price Surge

Ethereum (ETH) whales have been actively accumulating the asset in recent days, taking advantage of the price drop between October 21 and 23. According to data from IntoTheBlock, large Ethereum addresses have accumulated over 598,000 ETH over the past week, worth $1.6 billion at the current price levels. This buying spree followed a sharp drop in ETH’s price from a local high of $2,765, offering whales a buying opportunity.

At the time of writing, Ethereum is trading at around $2,685, having gained 4% over the last seven days. The market capitalization stands at approximately $323 billion, with daily trading volume at $21.5 billion. This increased whale activity coincides with higher exchange outflows. Data shows a net outflow of $277 million on October 29, contributing to a total outflow of $315 million over the past week. The large holder-to-exchange net flow ratio has climbed to 10%, indicating that whales have been more active than retail holders during this price rebound.

The surge in whale accumulation, combined with the price push above $2,600, could spark a FOMO (fear of missing out) effect among smaller retail investors. This psychological trigger may lead to further upward momentum for ETH as more participants jump into the market.

However, despite the growing whale interest, there are still concerns about a lack of strong bullish drivers for Ethereum. Spot Ethereum exchange-traded funds (ETFs) in the U.S. have faced challenges since their launch in July, with a total net outflow of $485.4 million, suggesting that institutional demand may not be as robust as anticipated.

While the whale-driven accumulation signals confidence in ETH, the overall bullish momentum for the asset remains uncertain without stronger fundamental catalysts to support sustained growth. Still, if the FOMO sentiment takes hold, Ethereum’s price could experience further upward pressure in the near term.

Moreover, Ethereum recorded a total of $38 billion in large transactions over the past seven days, ITB data shows.

High whale accumulation could trigger the fear of missing out, also called FOMO, among small token investors. This could potentially trigger upward momentum for the ETH price.

However, Ethereum lacks a strong bullish driver. Spot ETH exchange-traded funds in the U.S. have also been struggling since their launch in July—recording a total net outflow of $485.4 million.