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.

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.

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.

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.

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.

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.

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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch