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On-chain data shows a large amount of Ethereum has left exchange wallets within the past two days, a sign that could be bullish for the price. Ethereum Supply On Exchanges Has Plunged In The Last 48 Hours As an analyst on Twitter pointed out, about 310,000 ETH has exited exchanges in the past 48 hours. [...]
The post Ethereum Bullish Signal: $560M In ETH Exits Exchanges appeared first on Crypto Breaking News.
On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price. Bitcoin Exchange Outflows Have Observed A Large Spike Today As pointed out by an analyst in a CryptoQuant post, a total of 2,138 BTC has been taken out of exchanges during the last day. The “exchange outflow” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges. When the value of this metric has an elevated value, it means the investors are transferring out a large number of coins from these platforms. Generally, holders withdraw their BTC from exchanges for holding onto them for extended periods in offsite wallets. Because of this reason, elevated values of this metric can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price. On the other hand, the low values of the indicator imply there aren’t many withdrawals happening in the market right now. Such a trend can be either bearish or neutral for the asset, depending on how the “exchange inflow,” the counterpart indicator, is behaving at the moment. Holders usually deposit to exchanges for selling-related purposes, so when the exchange inflow has high values, it suggests the investors may be participating in a selloff of the asset. Naturally, this can have bearish consequences for the price. Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move Now, here is a chart that shows the trend in the Bitcoin exchange outflow, as well as in the inflow, over the last day: The value of the outflow seems to have been quite high in recent hours | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange outflow has registered a very sharp spike in the last few hours. In total, the investors have withdrawn 2,138 BTC (about $60.6 million at the current exchange rate) from exchanges with this spike. Since these large withdrawals have come while the price of the cryptocurrency has been in the lower $28,000 values (which are relatively low levels considering the price had been above $30,000 just a few days ago), it’s possible that these transfers out of exchanges are a sign of fresh buying taking place in the market. From the chart, it’s also visible that the exchange inflows have remained at low values at the same time, meaning that there aren’t any deposits happening to counteract these withdrawals. This may imply that there isn’t any additional appetite for selling at the current levels for now. Related Reading: Quant Explains Bitcoin Funding Rates Pattern That Precedes Uptrends This fresh unimpeded Bitcoin accumulation can be a positive sign for the market, as it means that there are at least some large investors in the sector who view the current prices as a discounted buying opportunity, and not as a sign of more decline to come. BTC Price At the time of writing, Bitcoin is trading around $28,000, down 9% in the last week. Looks like the value of the asset has been plunging in the last few days | Source: BTCUSD on TradingView Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Data shows the Bitcoin exchange inflows and outflows have both shrunk recently as market activity has remained low. Bitcoin Exchange Inflows & Outflows Continue To Decline As per the latest weekly report from Glassnode, the BTC inflow volumes are now only around $350-$400 million per day. The “exchange inflow” is an indicator that measures the total amount of Bitcoin currently being deposited to centralized exchanges by holders. Its counterpart metric is the “exchange outflow,” and it naturally tracks the volume leaving exchange wallets. Generally, during periods of high activity in the market, both these indicators rise to high values as a large number of investors make their respective moves. However, the price may react in particular directions depending on which of these metrics is higher at the moment. Since one of the main reasons why investors use exchanges is for selling purposes, inflows outweighing outflows could be bearish for Bitcoin. On the other hand, outflows being more dominant can suggest there may instead be buying pressure in the market as investors are withdrawing their coins for accumulation. Now, here is a chart that shows the trend in the Bitcoin exchange inflows and outflows over the last few years: looks like both these metrics have declined in recent weeks | Source: Glassnode's The Week Onchain - Week 2, 2023 As shown in the above graph, the Bitcoin exchange inflows and outflows were both at high levels during the past couple of years, with their volumes remaining in the range of multi-billion dollars throughout. At the peak of inflows back in May 2021, between $2.8 billion to $3.5 billion per day was entering exchange wallets. Related Reading: Is The Bitcoin Bottom In Yet? Here’s What aSOPR Metric Suggests Recently, however, both the inflows and the outflows have significantly declined. Currently, the inflow volumes are between $350 million to $400 million per day, which are lows not seen since 2020. The outflows haven’t quite shrunk to these levels yet, possibly because of the fact that the collapse of FTX lead to renewed interest in self-custody among investors, which made them withdraw large amounts from centralized platforms. In the chart, data for the Ethereum exchange flows are also displayed. It seems like before May 2021, the Bitcoin exchange flow dominance was about 70%, which means the combined volumes of Ethereum inflows and outflows made up for 30% of the total between ETH and BTC during the period. But since May 2021, the share of the Ethereum flows has significantly increased as ETH inflows and outflows dominance is now 42%. This trend suggests that the relative trading interest in ETH has gone up in the last one and a half years, while BTC has lost some mindshare. Related Reading: Ethereum 1-Month Realized Volatility Drops To Rare Level Seen Only Thrice In History Though, in pure numbers, both cryptocurrencies have seen very little market activity recently as both their exchange inflows and outflows are at pretty low values. BTC Price At the time of writing, Bitcoin is trading around $17,200, up 3% in the last week. The value of the asset seems to have surged in the last couple of days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
The number of Bitcoin (BTC) held on exchanges continues its drastic decline as crypto enthusiasts pull their funds off trading platforms for long-term holding.
Ever since the London Hardfork or EIP-1559 upgrade went live in August 2021, Ethereum’s supply continues to be depleted based on the burning mechanism incorporated. (Read More)
Ethereum has made a recovery to $2,800 during the past day as on-chain data shows the whales have been making massive withdrawals from exchanges. Ethereum Exchange Outflows Spiked After Price Crash According to data from the market intelligence platform IntoTheBlock, investors reacted to the latest crash in the Ethereum price by making outflows from exchanges. The on-chain indicator of relevance here is the “Exchange Netflow,” which keeps track of the net amount of the cryptocurrency that’s entering into or exiting the wallets associated with all centralized exchanges. Related Reading: Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says When the value of this metric is positive, it means the holders are depositing a net number of coins into these platforms. As one of the main reasons why investors transfer to the exchanges is for selling-related purposes, this kind of trend can be a bearish sign for the asset’s price. On the other hand, the indicator being negative suggests the outflows outweigh the inflows and a net number of tokens is moving out of the exchanges. Such a trend can indicate that the investors are accumulating, which is something that can naturally be bullish for ETH. Now, here is a chart that shows the trend in the Ethereum Exchange Netflow over the past year: As is visible in the above graph, the Ethereum Exchange Netflow observed a massive negative spike yesterday after the crash in the asset’s price took place. In total, the investors withdrew 350,000 ETH (worth around $982 million at the current exchange rate of the token) from the exchanges in this outflow spree. “This is the highest amount of net exchange withdrawals since January 2024!” notes the analytics firm. Given the timing of the outflows, it would appear likely that they were made by whales looking to buy Ethereum at cheap post-crash prices. The accumulation from the investors has in turn helped the cryptocurrency reach a bottom and make some recovery. Related Reading: Indicator That Foreshadowed XRPs 14% Crash Gives Buy Signal For Solana The Exchange Netflow could now be to keep an eye on in the coming days, as the upcoming trend in it might also influence the ETH price. Naturally, a continuation of the outflows would be a positive sign, while an increase in inflows could spell a bearish outcome. In some other news, the number two stablecoin by market cap, USDC, has seen its transaction count shoot up recently, as IntoTheBlock has pointed out in another X post. “USDC is becoming increasingly popular, with the number of daily transactions increasing by over 119% in the last year!” says the analytics firm. Stablecoins can end up acting as fuel for volatile assets like Ethereum, so increased activity related to them can be a good sign for the market. ETH Price At the time of writing, Ethereum is floating around $2,800, down more than 11% over the last seven days. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
The SEC’s lawsuits against Binance and Coinbase created a discernable shift in the market, leading to significant changes in the exchanges’ asset balances. The lawsuits, filed on June 5 and June 6, accuse Binance and Coinbase of a variety of securities law violations. These legal encounters have created a domino effect in the legal sphere […]
The post Binance vs. Coinbase: Analyzing asset withdrawals in the wake of SEC lawsuits appeared first on CryptoSlate.
Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,157. The altcoin leaders decline comes amid heightened market volatility and uncertainty, with many investors reevaluating their positions following the recent selloff. However, despite the downturn, on-chain data suggests that underlying investor sentiment remains robust. Related Reading: Bitcoin Faces Major Deleveraging Analyst Explains Price Crash Below $100K According to data from IntoTheBlock, Ethereum saw significant outflows from exchanges this week, with net outflows surpassing $1.4 billionthe highest level since November. Such activity often signals strong accumulation trends as investors move their holdings off exchanges and into cold storage or other wallets, indicative of long-term confidence in the asset. These substantial outflows underscore Ethereums resilience even amid challenging price action. Analysts are closely monitoring whether these accumulation trends can offset the bearish momentum and spark a recovery in the coming weeks. With Ethereum trading near critical support levels, the next moves will be pivotal in determining the direction of its price in 2025. As bullish seasonality for altcoins often kicks in during post-halving years, many believe that Ethereum could soon reclaim its upward trajectory, contingent on both market conditions and broader macroeconomic factors. Ethereum Prepares For Rebound Ethereum has shown signs of recovery after its recent drop, now attempting to break above the $3,300 level. The altcoin leader has faced considerable challenges, with a 15% decline from its recent highs putting pressure on bullish sentiment. However, key on-chain metrics indicate that Ethereums fundamentals remain strong, pointing toward potential growth in the coming months. Data from IntoTheBlock, shared on X, highlights a significant development: this week saw net $ETH outflows from exchanges exceeding $1.4 billion, the highest level since November. Such substantial outflows often signal that investors are moving their holdings off exchanges, a behavior typically associated with accumulation. This trend suggests that, despite recent bearish price action, confidence in Ethereum’s long-term potential remains intact. While Ethereums recent price action may appear underwhelming to some, these accumulation trends provide a bullish underpinning for the asset. Historically, large exchange outflows have preceded significant price rallies, as reduced sell-side liquidity can drive upward momentum when demand increases. Related Reading: Dogecoin Testing Key Demand Zone Can DOGE Push Above $0.40? As Ethereum works to reclaim higher levels, breaking above $3,300 could signal the beginning of a more sustained recovery. With strong fundamentals and growing investor confidence, Ethereum appears well-positioned for a potentially bullish 2025. However, the asset must navigate current market volatility to confirm its uptrend. Testing Weekly Demand Ethereum is trading at $3,250, reflecting ongoing struggles to break above the $3,300 resistance level. The price action remains tentative as ETH tests critical weekly demand levels. This area has historically provided strong support, and if Ethereum manages to close above the $3,100 mark, it could pave the way for a meaningful rebound in the coming days. The current consolidation phase highlights a market looking for direction. For bulls to regain control, Ethereum must break above key resistance levels. Reclaiming the $3,750 mark is crucial to confirm a bullish breakout and signal a potential uptrend. Such a move would not only restore investor confidence but also position ETH to retest higher levels as market sentiment shifts. However, failure to hold the $3,100 demand zone could lead to further downside pressure, with lower support levels likely to be tested. The coming sessions will be pivotal as Ethereum navigates these key levels. Related Reading: Key Metrics Reveal Bitcoin STH Support Levels Around $89K$86K Is BTC At Risk? With the broader market sentiment in flux, ETHs ability to stay above its critical support zones will determine whether a bullish trend emerges or a prolonged consolidation phase persists. Investors are watching closely as ETH attempts to establish its next significant move. Featured image from Dall-E, chart from TradingView
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