Ethereum whales return as ETF inflows hit $157 million

Ethereum’s (CRYPTO:ETH) largest holders are increasing their positions, with on-chain data showing a 2,682% spike in large holder netflows over the past week.  

This surge comes as ETH-backed exchange-traded funds (ETFs) recorded their first net inflow in eight weeks, reversing a period of sustained outflows.  

According to SosoValue, ETH ETFs saw $157.09 million in net inflows between April 21 and April 25, after more than $700 million in outflows over the previous two months.  

Large holders, often referred to as whales, are addresses that control more than 0.1% of Ethereum’s circulating supply.  

The netflow metric tracks the difference between the amount of ETH these investors buy and sell.  

A sharp increase in netflow typically signals that whales are accumulating, which is often seen as a sign of confidence in the asset’s future performance.  

The renewed accumulation by major holders, along with the positive ETF inflow, suggests a potential shift in sentiment around Ethereum.  

On-chain analysts note that whale accumulation usually precedes upward price momentum, as these investors tend to act when they perceive value at current levels.  

The positive trend in ETF inflows is also seen as a bullish indicator, as it reflects renewed institutional interest in Ethereum after a prolonged period of selling.  

Technical indicators, such as the Balance of Power, suggest that ETH could be poised for an upward move toward $2,027, though analysts caution that a drop to $1,385 remains possible if momentum fades.  

The combination of whale accumulation and institutional inflows could provide the support Ethereum needs for a potential price breakout in the coming weeks.  

At the time of reporting, the ETH price was $1,795.59.