Last week saw significant sell-off activity from large Ethereum holders, yet the cryptocurrency's price demonstrated consistent growth.
Whale Activity
According to IntoTheBlock data, net flows for large holders of Ethereum (ETH) decreased from 85,650 ETH in inflows on September 19 to 6,420 in outflows on September 23. This indicates a substantial sell-off from whales as the price recovered from $2,300 to $2,400.
Retail Traders' Role
Despite the significant selling by large holders, the main support for ETH's price came from retail traders. ITB data shows that Ethereum had a net exchange inflow of 150,690 ETH on September 19, which soon cooled down. Over the past seven days, ETH saw a net inflow of around $480 million into centralized exchanges.
External Influences
Despite the heavy selling by large holders, Ethereum has gained 15% over the past week. One of the main catalysts for this market-wide bullish momentum was the 50 basis-point rate cut by the U.S. Federal Reserve. However, for sustainable movement towards the $2,800 mark, Ethereum will need to see stronger accumulation.
Ethereum shows impressive growth despite significant sell-off by large holders. Support from retail traders and external economic factors played a key role in this trend.
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