MICA Daily｜Christmas ETH exchange net inflow significantly increases, giant whales may be preparing for large-scale selling

According to CryptoQuant Binance Exchange ETH Netflow indicator data, during the Christmas period (December 24 to 26), there was a large influx of ETH into Binance, totaling over 140,000 coins, marking the largest value recorded this year. After this peak, ETH inflow slowed down but continued to show persistent inflows. Such one-time large-scale inflows are usually interpreted as investors preparing to sell ETH spot holdings. Looking more closely at the trend of the Netflow indicator’s moving averages, the EMA(7) and EMA(14) are trending upward, while the SMA(30) remains stable. This structural signal indicates that short-term selling intentions are increasing, and investors seem ready to sell when prices rise to resistance levels. Since each upward move may face selling pressure, it is expected that ETH may find it difficult to see significant gains in the short term. Historically, large positive net inflows have often been accompanied by price corrections. During the recent large inflow period on December 24, the price did not drop significantly but instead moved sideways, indicating a phenomenon of “net inflow divergence from price.” In other words, not all ETH transferred into exchanges is immediately sold; on the contrary, as mentioned above, investors may choose to gradually and layered sell their ETH at resistance levels.