According to CoinShares, digital asset investment products saw a notable $436 million in inflows last week, with Bitcoin dominating the field, attracting the entire $436 million.
On the other hand, Ethereum experienced $19 million in outflows, highlighting growing bearish sentiment around the asset. Blockchain stocks also showed strength, receiving $105 million in inflows.
According to CoinShares, digital asset investment products received $436 million in inflows last week. Bitcoin received $436 million in inflows, Ethereum received $19 million in outflows, and blockchain stocks received $105 million in inflows. https://t.co/xgjVB92PdI
— Wu Blockchain (@WuBlockchain) September 16, 2024
Ethereum’s futures market has shown signs of deepening bearishness, with the 50-day moving average of $ETH funding rates consistently trending downward, hitting the lowest levels seen in 2024. This downtrend indicates that short positions are gaining momentum, as traders are expecting further declines in Ethereum’s price.
Bearish Sentiment Deepens: #Ethereum’s Futures Market Shows Lowest Funding Rates of 2024
“Recently, the 50-day moving average of $ETH funding rates has been on a consistent downtrend, reaching its lowest levels in 2024.” – By @ShayanBTC7
Full post 👇https://t.co/xWLLvfYuka pic.twitter.com/iKmYz0PGL7
— CryptoQuant.com (@cryptoquant_com) September 16, 2024
Key support for Ethereum lies between $2,290 and $2,360, where approximately 1.90 million addresses hold around 52.30 million $ETH. Should this critical demand zone fail, Ethereum could face a significant sell-off, potentially driving the price down to $1,800.
Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800. pic.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Whale From 2016 Come Back To Life, Holding 16,636 $ETH
Meanwhile, a long-dormant whale, who originally withdrew 16,636 $ETH from ShapeShift back in early 2016 when Ethereum was just $5.24, has come back to life. The whale, known as “0x996,” woke up after eight years of dormancy and transferred all their holdings to a new wallet. In a recent transaction, they sold 437.79 $WETH for $1.024 million in USDT at a price of $2,341, achieving an impressive $38 million profit—an astounding 436x return.
A diamond-hand whale with a $38M (x436) profit is selling $ETH after 8 years of dormancy!
Between Jan 19 and Feb 23, 2016, when the price was only ~$5.24, whale "0x996" withdrew 16,636 $ETH (est. cost: $87,136) from ShapeShift and held all tokens until today.
6 hours ago, the… pic.twitter.com/sxniRoaRYt
— Spot On Chain (@spotonchain) September 16, 2024
In addition to whale activity, the Ethereum Foundation has also been quietly selling its holdings. In a series of small weekly transactions over the past three weeks, the Foundation has sold a total of 650 $ETH for approximately $1.51 million at an average price of $2,323, including today’s sale of 100 $ETH for 226,868 DAI.
The Ethereum Foundation sold 100 $ETH for 226,868 $DAI again ~ 1 hour ago.
Note that the Ethereum Foundation has consistently sold $ETH in small batches weekly for the past 3 weeks, totaling 650 $ETH ($1.51M) at ~$2,323.
Follow @spotonchain for more updates on the… https://t.co/CZ4fVly2RO pic.twitter.com/IbnR1lkPUr
— Spot On Chain (@spotonchain) September 16, 2024
Ethereum’s near-term outlook remains uncertain as key support levels are tested and bearish sentiment intensifies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
