Ethereum Records Exchanges’ Highest Movement, $181 Million Outflow Since August, over 110,000 ETH, or $181 million, have flowed out of exchanges.
This past Wednesday marked a big milestone for Ethereum, the second-largest cryptocurrency in the world by market value. According to data analytics company Santiment, this was the largest outflow since August 21. This is a significant trend.
Simultaneously, the quantity of Ethereum on exchanges has dropped to its lowest point in about five years, while the supply of Ethereum outside of exchanges has surged to a record-breaking 115.88 million ETH. Exchanges are holding off on this Ethereum increase, which suggests that investor mood may be shifting and that long-term hodling is becoming more popular.
Ethereum Records Exchanges’ Highest Movement, $181 Million Outflow,Ethereum Records Exchanges’ Highest Movement
But there are also concerns regarding the demand for Ethereum trading raised by this significant exodus. A number of Ethereum exchange-traded funds (ETFs) were recently introduced to the cryptocurrency market, but they were unable to garner any popularity. When these exchange-traded funds were launched, their low trading volumes made industry watchers laugh.
Even more, prominent analysts at K33 have lowered expectations for Ethereum, claiming that the introduction of Ethereum futures did not meet with the anticipated fervour. The lacklustre reception of these ETFs in the market meant that traders on the Chicago Mercantile Exchange (CME) were unable to front-run the ETFs’ introduction.
Ethereum’s price has dropped somewhat in the last trading session, and it is currently trading at $1,635.85. This signifies a little reduction of 0.5% in a day, which translates to a 1.1% drop from its most recent peaks.
Ethereum’s price has varied between $1,631.65 and $1,654.45, with a market value of around $196.7 billion during the last 24 hours. Ethereum is still a very active asset in the cryptocurrency market, as seen by its $7.3 billion 24-hour trading volume.
The recent withdrawal of Ethereum from exchanges may point to a rising trend among investors to keep their money off of platforms, which may be interpreted as a sign of confidence in the cryptocurrency’s long-term prospects. But there are doubts about the present demand for Ethereum trading given the poor reception of Ethereum ETFs and the recent price decline.
Ethereum Records Exchanges’ Highest Movement, $181 Million Outflow,Ethereum Records Exchanges’ Highest Movement, $181 Million Outflow,Ethereum Records Exchanges’ Highest Movement, $181 Million Outflow