Whales accumulate 5,195 ETH worth $12.9 million, but institutions sell via ETFs
- —Two whales withdrew 5,195 ETH worth $12.9 million from Gemini and Binance and staked them
- —Ethereum netflow turned negative by 32,500 ETH, with coins leaving exchanges
- —Bitwise sold 14,300 ETH for $34.21 million, its first outflow since late July
- —Spot ETH ETF outflows totaled $224 million over two days, the most since January
Why it matters: ETH's rise above $2,500 depends on a reversal in institutional demand, as ETF outflows currently outweigh whale buying.
Source: AMBCrypto