Ethereum whales are sending bearish on-chain signals as the second-largest cryptocurrency struggles with exchange net inflows.

According to data provided by IntoTheBlock, Ethereum (ETH) witnessed a centralized exchange net inflow of $493 million over the past week. Massive CEX inflows could hint at a potential selloff, leading to bearish price movements.

Data from ITB shows that Ethereum whales recorded 283,430 ETH, worth roughly $660 million, in outflows on Sept. 10. On the other hand, the large holders’ inflows declined from 312,250 ETH to 203,630 ETH on the same day.

This shows increased selling pressure from whales.

The large holders’ net outflow reached almost 80,000 ETH, worth $185 million, on Tuesday, per ITB data. Notably, the Ethereum whale net flows have plunged by 296% over the past week.

One of the bearish whale movements came from Ethereum co-founder Vitalik Buterin and the Ethereum Foundation. 

Consequently, the selling signals from Ethereum whales brought the asset’s market cap down to $280 billion. ETH is down by 1.1% in the past 24 hours and is trading at $2,325 at the time of writing.

The second-largest cryptocurrency plunged to a local bottom of $2,150 on Sept. 7, but soon recovered above the $2,300 mark after 40,000 ETH left derivative exchanges. 

At this point, the U.S. Consumer Price Index report, which shows the inflation rate in the country, could act as a major catalyst for financial markets, including crypto. The data is scheduled to be released today, Sept. 11.

If the CPI comes below the expected 2.6%, potential bullish momentum would be expected for digital assets, and vice versa.