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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.