Ethereum Whales Split as Price Surges Past $2,430

Ethereum's price surge to nearly $2,430 on Friday has divided large holders across the market. Despite reaching its highest price in roughly four months, not all whales are buying into the altcoin's rally.

The token gained 29% over the past week, but exchange outflows indicate that some investors are pulling their funds off Binance and selling into strength. According to on-chain data, large holders have been moving both into and out of the market, with some withdrawing significant amounts of ETH from exchanges.

US-listed Ethereum ETFs took in $220.77 million on August 20, marking a 10-month peak in demand. This influx of funds has contributed to the altcoin's price increase, but it remains to be seen whether this trend will continue.