Analysis: ETH falls, but whale activity increases.✨✨✨✨✨
At the time of writing, the price of ETH is trading at $2,419, with losses of 3.3% for the day, 3.4% for the week, and 10% for the month. The asset is facing a significant pullback, while BTC remains stagnant between $103,000 and $104,000.
Despite these levels, significant accumulation is detected from major market players.
What is behind the current prices of ETH?
The price of Ethereum has fallen amid the deterioration of certain key metrics of its ecosystem. One of the most relevant is the volume of transactions with stablecoins on its network, which has decreased by 31% in the last 30 days, standing at $1.2 trillion.
This decline occurs while trading volume has increased considerably, suggesting possible volatility caused by liquidations that exerted downward pressure on prices.
CryptoQuant analyst, Maartun, indicated a considerable increase in selling pressure on Ethereum.
It is noteworthy that, despite the price pullback, ETH ETFs have recorded inflows of $700 million between May 22 and June 4. This figure contrasts with outflows of $55 million recorded during previous rallies.
Analysts also point out that, if the SEC approves the inclusion of staking in these products, between 5 and 8 million ETH could be locked up, significantly reducing the circulating supply.