$65.60 million poured in, but $ETH still couldn't break above 2,300.
Today, one address first spent $34.69 million to buy 15,216 coins at an average price of 2,279, then kept adding until it held 28,604 coins in total, spending $65.61 million at an average price of 2,294. I did the math: with the current price around 2,292, it's basically right at their cost basis, with little margin of safety.
Meanwhile, spot ETFs saw net outflows of $430 million last week. Big buyers are stepping in on one side, while institutions are still heading for the exits on the other, leaving the price stuck around 2,300.
#ETH #On-chain data
Today, one address first spent $34.69 million to buy 15,216 coins at an average price of 2,279, then kept adding until it held 28,604 coins in total, spending $65.61 million at an average price of 2,294. I did the math: with the current price around 2,292, it's basically right at their cost basis, with little margin of safety.
Meanwhile, spot ETFs saw net outflows of $430 million last week. Big buyers are stepping in on one side, while institutions are still heading for the exits on the other, leaving the price stuck around 2,300.
#ETH #On-chain data