ETH Deposits on Exchanges Exceed 500,000: Can Ethereum Hit $2,000?

The Ethereum balances of centralised exchanges have increased due to a significant influx of ETH. The ramifications of exchange inflows may be a roadblock for cryptocurrencies trying to break over the $2,000 level.

ETH Deposits on Exchanges Exceed 500,000: Can Ethereum Hit $2,000?
Source: Chain Debreif

13,000 ETH is sent by investors to exchanges.

According to IntoTheBlock data, as the price of ETH increased, a significant chunk of it was moving towards exchanges. When the price initially broke over the $1,800 barrier on October 31, the entire inflow volume was at 480,570. But by the beginning of November, this figure had significantly increased.

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By November 1, 774,890 ETH had flowed into exchanges globally, and the bulls had solidified their lead above the $1,800 mark. On November 1, there were about 130,000 ETH streaming into exchanges, with withdrawals totaling just about 630,000 ETH.

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This demonstrated that investors were ready to begin realising a return on their investments.

The data tracker indicates that when Ethereum crossed $1,800, most investors had returned to profit. It should come as no surprise that some of the 55.40% of ETH investors who were profiting even after the pullback wanted to lock in their gains.

However, on November 2, investors’ reluctance to make as many inflows had abated. According to data, the amount of ETH inflow on Thursday decreased to 637,070, however this is still a significant increase over the amounts from the prior week. As of Thursday, the exchange’s net flow has decreased to 31,040 ETH.

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Both the quantity of big transactions made on the Ethereum network and the number of these large holders’ transactions have increased. On October 29, there were 1,900 major transactions in total. However, on November 2, the number had skyrocketed to 4,320—a rise of more than 100% in just four days.

Comparing the number of big transactions to the transaction volumes of these whales, the increases were nearly identical. On October 29, there were 741,440 ETH in large transaction volumes. However, the volume hit 2.21 million ETH on November 2. Large transaction volumes increased from $1.33 billion to $4.04 billion in dollar terms.

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When comparing transactions that are bullish and bearish (i.e., buying against selling), there isn’t much of a change. Bulls still have the advantage in the asset.

There were 98 bulls and 87 bears during the course of the seven-day period. However, the difference between the 14 bulls and 12 bears shown by IntoTheBlock is narrowing every day.

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