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Ethereum holds steady at $2.5K as institutional giants quietly load up on ETH
Despite the slow down in Ethereum Spot ETF netflows, institutional giants have been quietly accumulating Ethereum (ETH) as its price holds steady at around $2,500. This trend is a significant departure from previous experiences where such a drop in inflows would typically lead to a drastic decline in ETH’s value.
As reported by Coinglass, the institutionally-driven Spot ETF netflows had turned less positive over the past two days, signaling a possible slowdown in the growth of institutional interest in Ethereum. However, this has not deterred large investors from purchasing ETH at its current price level.
A closer look at the whale address data reveals that these institutional giants are accumulating massive amounts of Ether. The recent rally of Bitcoin (BTC) over the weekend and into Monday suggests that the bullish sentiment may be seeping into the altcoin market, providing a potential catalyst for Ethereum to break out.
The recent drop in cross-chain activity may seem concerning at first glance, but it appears that institutional investors are taking this opportunity to load up on ETH. This comes as a surprise given that the asset has seen a 15% gain since April and would typically be expected to slow down its upward momentum.
Despite the slowdown in spot ETF netflows, Ethereum is still seeing an increase in active addresses, which climbed to a new all-time high of 17.4 million at the time of writing.
Source: ambcrypto.com
