Ethereum’s on-exchange supply ratio has fallen to levels not seen since 2016, even as its circulating supply continues to grow.
Despite the ongoing price slump, major investors, often referred to as “whales,” are quietly increasing their holdings instead of liquidating assets.
“Ethereum’s exchange supply ratio has dropped to 2016 levels, even as circulating supply rises. 📉 Despite low prices, major investors are quietly accumulating rather than selling. The message is clear: ETH remains a trusted safe haven. 🛡️
— Kyledoops (@kyledoops) November 30, 2024
In the past 96 hours alone, Ethereum whales have collectively purchased over 280,000 ETH, a haul valued at approximately $1 billion. This accumulation trend underscores growing confidence among large-scale investors, even during a period of price stagnation.
#Ethereum whales have bought over 280,000 $ETH in the last 96 hours, valued at around $1 billion! pic.twitter.com/YyJDgL4XPP
— Ali (@ali_charts) November 30, 2024
Ethereum ETFs Recorded Notable Interest
Meanwhile, Ethereum Exchange-Traded Funds (ETFs) are experiencing a surge in interest. November 29 was a landmark day for ETH ETFs, recording a net inflow of $332.9 million—the highest single-day total since these funds were introduced. This figure shattered the previous record of $295 million set on November 11.
🇺🇸 Spot ETF: 🔴$135.1M to $BTC and 🟢$466.5M to $ETH
🗓️ Week: 25 to 29 November 2024👉 On November 29, ETH ETFs recorded a net inflow of $332.9M—the largest since their launch—surpassing the previous high of $295M on November 11.
👉 Overall, ETH ETFs had a full week of… pic.twitter.com/UrdadqWPW7
— Spot On Chain (@spotonchain) November 30, 2024
The momentum hasn’t stopped there. Over the past week, ETH ETFs have consistently recorded net inflows, highlighting increased investor confidence and growing adoption of these financial products.
Ethereum ETFs are catching up! 📈
Yesterday marked the second-best day for ETH ETFs since their launch. 🚀 #Ethereum #CryptoETF pic.twitter.com/WG2NZPkw0i
— Maartunn (@JA_Maartun) November 30, 2024
Together, these developments—whale accumulation and robust ETF inflows—suggest that Ethereum is gaining traction among institutional and high-net-worth investors, even as its price remains subdued. With these trends in play, Ethereum’s long-term prospects continue to look promising, bolstered by both on-chain activity and market demand.
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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