A new CoinShares report shows that institutional investors are moving away from Ethereum, while the leading altcoin is capped in a narrow range. However, this negativity is specific to Ethereum only. Current Whalestats data reveals whales’ new prey…
Institutional investors continue to push ETH away from their portfolios
According to CoinShares’ latest weekly report, Ethereum is experiencing a massive drop in institutional interest. The leading altcoin has registered just $12 million in inflows as of October 14. We can attribute this behavior to the continued decline in the crypto market. But it is alarming to see that the lack of interest is only in Ethereum.
Alongside Ethereum, Bitcoin and other altcoins registered at normal rates. Ethereum alone has seen around $4 million worth of outflows last week. That brings month-to-day net flows to minus $6.2 million. Also, year-to-date streams have reached $368.7 million.
While Ethereum lacks institutional attention, whales collect this altcoin project
Shiba Inu (SHIB) is one of the most popular tokens among whales, especially Ethereum (ETH) whales. However, it took quite a while for a new SHIB whale to appear. Now, a new SHIB whale has recently purchased 3 trillion SHIB worth $34.88 million.
🚨 🚨 🚨 3,388,119,787,804 #SHIB (34,887,130 USD) transferred from unknown wallet to unknown wallethttps://t.co/CkmBbOQoRh
— Whale Alert (@whale_alert) October 18, 2022
According to Whalestats, Shiba Inu is currently the second most held token among the top 100 Ethereum whales. Lido Stake Ether (stETH) is in the top spot.
Why whales choose Shiba Inu
This may be because before the launch of the Tier 2 network Shibarium, the whales want to have as many SHIBs as possible. Tier 2 of the Shiba Inu is scheduled to be released in Q3 of 2022. However, it delayed the launch to an undisclosed later date. However, many expect the team to release documentation for tier 2 very soon. The launch of Shibarium will see a reduction in transaction costs and an increase in speed. Ideally, this will be the recipe he needs for growth.
So why is the leading altcoin losing institutional investors?
Investor apathy is why the last five weeks of flows, whether inflows or outflows, represent less than 0.05% of AuM. The leading altcoin has been trading between $1,240 and $1,440 for about four weeks. Ideally, ETH should trade in the $1,640 to $1,760 range. This zone will allow for a long-term trend reversal of ETH. To get there, however, ETH must first clear the short-term critical resistance at $1,460 support.
In terms of triggers, price action has crossed the 11-month downtrend line. If ETH can stay above this downtrend, the bulls will aim for the above-mentioned resistance level. Otherwise, Ethereum’s price may be looking for a return below the trendline. Combined with the ineffectiveness of the merge in all this gloom, it puts Ethereum on an uncertain course. cryptocoin.comAs you follow, ETH price is currently trading at $1,300 devoid of volatility.
