Some investors are still pushing for accumulation despite the market-wide disbelief and correction.
Ethereum ETH $2 931 24h volatility: 0.0% Market cap: $353.67 B Vol. 24h: $21.72 B reached an all-time high of $4,953 on Sunday, Aug. 24, with a market cap of nearly $600 billion.
The bullish momentum that took ETH to its new peak was short-lived. The leading altcoin has been declining since then and is currently trading at $4,430. Ethereum’s market value plunged by over $60 billion in less than two days.
Despite the selloff, the king altcoin has been seeing notable accumulation.
On the institutional side, the US-based spot ETH exchange-traded funds saw a net inflow of $443.9 million on Monday, Aug. 25. BlackRock’s ETHA fund led the buying spree with an inflow of $314.9 million, according to data from Farside Investors.
In addition to the ETFs, investors on one of the best crypto exchanges, Binance, accumulated nearly 128,500 ETH, worth $568.3 million at the reporting time, according to Coinglass data.
The Bybit crypto exchange also saw a notable outflow of 14,160 ETH, worth roughly $62.6 million.
However, Kraken, Coinbase Pro, and OKX recorded net inflows of 28,940 ETH, 23,820 ETH, and 12,770 ETH, respectively. The movements show that the investor sentiment has been divided as the market wanders in uncertainty.
With the latest net outflow of 74,500 ETH from centralized exchanges, the asset’s exchange balance declined to 14.6 million ETH, according to Coinglass.
According to a Coinspeaker report, BitMine Immersion increased its Ethereum holdings to 1,713,899 ETH with its 190,500 ETH accumulation over the past week.
While retail investors sell for short-term profits, the ETH whale accumulation, which played an important role in its new record price, has proven to be strong.
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