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 only specific to Ethereum. Current Whalestats data reveals new prey of whales…
Institutional investors continue to push ETH away from their portfolios
According to CoinShares’ latest weekly report, Ethereum is experiencing a huge drop in institutional interest. The President altcoin has only registered $12 million in inflows as of October 14. We can attribute this behavior to the continued decline in the crypto market. However, it is worrying to see that the lack of interest is only in Ethereum.
Alongside Ethereum, Bitcoin and other altcoins registered at the usual 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, this altcoin project of whales collects
Shiba Inu (SHIB) is one of the most recognizable tokens amid whales, especially Ethereum (ETH) whales. However, it took a long time for a new SHIB whale to appear. Now, a new SHIB whale has recently purchased 3 trillion SHIB worth $34.88 million.
According to Whalestats, Shiba Inu is currently the second most held token amid the top 100 Ethereum whales. Lido Stake Ether (stETH) is in the top spot.
Why whales choose Shiba Inu
This may be because whales want to have as many SHIBs as possible before the launch of the Tier 2 network Shibarium. Tier 2 of the Shiba Inu is scheduled to be released in Q3 of 2022. However, it postponed the launch to an undisclosed later date. However, many expect the team to release the docs for tier 2 very soon. The launch of Shibarium will see a reduction in process costs and an increase in speed. Ideally, this will be the recipe he needs for growth.
So why is the president 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 President altcoin has been trading in the $1,240 and $1,440 range for about four weeks. Ideally, ETH should trade in the $1,640 to $1,760 range. This zone will allow ETH to turn into a trend reversal in the long run. However, to get there, ETH must first turn the short-term critical resistance at $1,460 into reinforcements.
In terms of triggers, price action has crossed the 11-month downtrend line. If ETH can stay above this downtrend, the bulls will target 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 it on an unknown route for Ethereum. Koindeks.comAs you follow, ETH price is currently trading at $1,300 devoid of volatility.