Institutional Demand for Ether Falls but Crypto Whales Show Interest

Dow Jones11-03 20:36

1236 GMT - Ether is experiencing a significant divergence between weaker institutional investment flows and accumulation by large cryptocurrency holders, known as whales, Zaye Capital Markets analyst Naeem Aslam says in a note. U.S. spot ether exchange traded funds recorded about $155.9 million in net outflows on Oct. 30, the largest daily withdrawal since Oct. 7, he says. Institutional investors appear to be reducing their exposure, which has likely driven ethereum's recent weakness, he says. "However, recent whale accumulation suggests that larger investors are beginning to identify opportunities following ethereum's prolonged correction." Ether rises 0.4% to $2,263 after reaching a 10-week low of $2,178 on Friday, LSEG data show.

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