Whale Wallets Profit as Ethereum ETFs Suffer $366 Million Loss
Ethereum Exchange Traded Funds (ETFs) have experienced significant losses over the past two days, totaling $366 million. In contrast, whale wallets have been buying Ethereum during this period.
BlackRock led the selling on both September 15 and 16, contributing nearly half of the second day's losses with a $110.03 million outflow. The reversal ended four consecutive weeks of inflows, resulting in a net asset drop from $16.42 billion to $15.16 billion.
In contrast, staking numbers surged during this period. Over one-third of circulating Ethereum is now staked, with exchange balances falling to multi-year lows. This suggests that whales are taking a longer-term view on the cryptocurrency.
The Federal Reserve's decision to raise its target range by a quarter point triggered the selling. However, whale investors seem to have made the right call, as Ethereum has recovered 10% from its low and is up 6.3% for the week.