Ethereum

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Ethereum whales have been accumulating the asset as the Oct. 23 price drop brought a buying opportunity. 
According to data provided by IntoTheBlock, large Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) addresses saw a net inflow of over 598,000 ETH over the past week—worth $1.6 billion at the current price. The accumulation gained traction after the ETH price plunged from its local high of $2,765 between Oct. 21 and 23. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_eth_large_holders_netflow_ethereum_2024-10-30T10_30_45.668Z.png" alt="Whales accumulated $1.6b in ETH in 7 days, exchange outflows surge - 29" class="wp-image-14306968">
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 ETH large holder net flows | Source: <a href="https://app.intotheblock.com/coin/ETH/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
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Ethereum gained 4% in the last seven days and is trading at $2,685 at the time of writing. Its market cap is currently hovering around $323 billion with a daily trading volume of $21.5 billion. 
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Data shows that the whale accumulation has also brought increased <a href="https://crypto.news/crypto-cexs-vs-hexs-vs-dexs/" target="_blank">exchange</a> outflows. Per ITB data, Ethereum saw a net outflow of $277 million on Oct. 29 and a total net outflow of $315 million over the past week. 
The ETH large holder-to-exchange net flow ratio reached 10%, showing that whales have been more active than retail holders amid the price push above the $2,600 mark. 
Moreover, Ethereum recorded a total of $38 billion in large transactions over the past seven days, ITB data shows.&nbsp; 
High whale accumulation could trigger the fear of missing out, also called FOMO, among small token investors. This could potentially trigger upward momentum for the ETH price. 
However, Ethereum lacks a strong bullish driver. Spot ETH <a href="https://crypto.news/spot-bitcoin-etfs-recorded-5-month-high-inflows-of-870m/" target="_blank">exchange-traded funds</a> in the U.S. have also been struggling since their launch in July—recording a total net <a href="https://crypto.news/bitcoin-etfs-log-4-day-inflow-streak-with-479m-ether-etfs-face-outflows/" target="_blank">outflow</a> of $485.4 million. 
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Whales accumulated $1.6b in ETH in 7 days, exchange outflows surge

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