According to on-chain analysis, some Ethereum indicators are showing signals that whales are continuing to accumulate the cryptocurrency.
Ethereum Shows Negative Netflows As Exchange Reserves Continue The Downtrend
As pointed out by a CryptoQuant post, ETH indicators seem to be moving in directions that suggest whales are continuing to accumulate.
There are three important metrics to consider here: the all exchanges netflow, the all the exchanges reserve, and the unique Ethereum 2.0 depositors count.
The all exchanges netflow is an indicator that shows the net amount of ETH entering or exiting centralized exchanges.
When the metric has a negative value, it means more coins are being transferred out of exchanges to personal wallets than the crypto entering in. Such a value could indicate a buying pressure in the market as more investors are interested in hodling or OTC deals.
A positive value suggests just the opposite; exchanges are receiving more Ethereum than the amount moving outwards, and thus there could be a selling pressure in the market.
Here is how the ETH all exchanges netflow chart looks like:
