$ETH is seeing strong accumulation despite trading at $3,118, highlighted by massive capital turnover from $BTC .
๐น A whale converted 1,969 BTC ($177.9 million) into 58,149 ETH ($181.4 million), signaling a shift toward high risk, high reward strategies as BTC capital flow have sharply declined from $62 billion in July to $4 billion.
๐ธ The ETH market spread has turned positive for two consecutive days, while net inflow on exchanges remain negative (-32,000 ETH), confirming strong accumulation in the spot market.
๐น While demand is increasing, technical indicators remain weak. The DMI is negative (-3). ETH needs to break above the EMA20 ($3,121) to reach the $3,288 target otherwise, the price could fall to the $2,800 support level.
Will this sharp shift be the spark that ignites a reversal for ETH, or will the bearish macro structure keep these whales trapped?
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