On-chain data shows that the Ethereum exchange netflow recently spiked significantly, a sign that could be bearish for the cryptocurrency’s price.
Ethereum Exchange Netflow Registered A Large Positive Spike Recently
In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend that has been occurring in the exchange netflow metric for Ethereum.
The “exchange netflow” here refers to an on-chain indicator that tracks the net amount of any given cryptocurrency entering into or exiting the wallets associated with centralized exchanges.
Related Reading
When this metric’s value is positive, it means that investors are depositing a net number of tokens on these platforms right now. Generally, one of the main reasons holders may transfer to the exchanges is for selling-related purposes, so this trend can have bearish implications for the asset’s price.
On the other hand, the negative indicator implies the exchanges are currently bleeding supply as outflows are outpacing the inflows. Such a trend may be a sign that the investors are accumulating, which can naturally be bullish for the coin.
Now, here is a chart that shows the trend in the Ethereum exchange netflow since the start of the year 2024:
The graph shows that the Ethereum exchange netflow has registered a positive spike recently. At the height of this spike, the exchanges received 140,660 ETH in net deposits.
At the current price of the cryptocurrency, this amount is equivalent to almost $547 million. This is a huge amount and the largest net deposit spree these central entities have witnessed since January.
“High inflows to exchanges are typically a sign of selling behavior, as people either try to claim profits or succumb to FUD,” notes the analytics firm. Interestingly, though, since these deposits have come, the asset’s price has increased.
This could suggest that either the whales making the inflows haven’t pulled the trigger on selling these coins yet, or they never planned to sell to begin with. Of course, it’s also possible that the market demand has been able to absorb the selling if the whales have indeed sold.
In the scenario where the whales made the deposits with the intention of selling but haven’t made the trade yet, Ethereum could feel a bearish effect.
Related Reading
It now remains to be seen how the cryptocurrency’s price will develop in the coming days and if these large deposits will play any visible role at all.
ETH Price
Ethereum had seen a pullback earlier, but the asset has managed to make a recovery, as its price is now once again floating above the $3,900 mark.
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
On-chain data shows that the Ethereum exchange netflow recently spiked significantly, a sign that could be bearish for the cryptocurrency’s price.
Ethereum Exchange Netflow Registered A Large Positive Spike Recently
In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend that has been occurring in the exchange netflow metric for Ethereum.
The “exchange netflow” here refers to an on-chain indicator that tracks the net amount of any given cryptocurrency entering into or exiting the wallets associated with centralized exchanges.
Related Reading
When this metric’s value is positive, it means that investors are depositing a net number of tokens on these platforms right now. Generally, one of the main reasons holders may transfer to the exchanges is for selling-related purposes, so this trend can have bearish implications for the asset’s price.
On the other hand, the negative indicator implies the exchanges are currently bleeding supply as outflows are outpacing the inflows. Such a trend may be a sign that the investors are accumulating, which can naturally be bullish for the coin.
Now, here is a chart that shows the trend in the Ethereum exchange netflow since the start of the year 2024:
The graph shows that the Ethereum exchange netflow has registered a positive spike recently. At the height of this spike, the exchanges received 140,660 ETH in net deposits.
At the current price of the cryptocurrency, this amount is equivalent to almost $547 million. This is a huge amount and the largest net deposit spree these central entities have witnessed since January.
“High inflows to exchanges are typically a sign of selling behavior, as people either try to claim profits or succumb to FUD,” notes the analytics firm. Interestingly, though, since these deposits have come, the asset’s price has increased.
This could suggest that either the whales making the inflows haven’t pulled the trigger on selling these coins yet, or they never planned to sell to begin with. Of course, it’s also possible that the market demand has been able to absorb the selling if the whales have indeed sold.
In the scenario where the whales made the deposits with the intention of selling but haven’t made the trade yet, Ethereum could feel a bearish effect.
Related Reading
It now remains to be seen how the cryptocurrency’s price will develop in the coming days and if these large deposits will play any visible role at all.
ETH Price
Ethereum had seen a pullback earlier, but the asset has managed to make a recovery, as its price is now once again floating above the $3,900 mark.
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
where to buy clomid pill clomid challenge test protocol cost generic clomid prices cost of clomid price clomiphene tablete clomid prescription uk can i order clomiphene without a prescription
The thoroughness in this piece is noteworthy.
I couldn’t resist commenting. Profoundly written!
order azithromycin pill – cost ofloxacin 200mg metronidazole ca
semaglutide 14mg brand – purchase periactin purchase periactin
purchase domperidone pill – motilium sale flexeril generic
propranolol cheap – buy inderal 20mg for sale methotrexate 10mg for sale
buy amoxil sale – order valsartan 160mg online buy combivent without prescription
azithromycin 250mg usa – purchase nebivolol generic buy nebivolol 20mg
buy augmentin paypal – https://atbioinfo.com/ buy ampicillin paypal
oral esomeprazole 20mg – https://anexamate.com/ how to get esomeprazole without a prescription
medex uk – https://coumamide.com/ buy losartan pill
order meloxicam 15mg for sale – swelling mobic 15mg usa
prednisone 40mg ca – inflammatory bowel diseases deltasone 20mg tablet
fda approved over the counter ed pills – https://fastedtotake.com/ erection pills online
amoxicillin cost – purchase amoxicillin pills purchase amoxil pills
cheap fluconazole 100mg – buy forcan online cheap buy fluconazole pills for sale
cenforce price – https://cenforcers.com/ buy cenforce 50mg online
cialis canada prices – ciltad generic cialis available in walgreens over counter??
buy generic ranitidine over the counter – cost zantac 300mg buy zantac generic
where to buy cialis – cialis vs flomax for bph how long does cialis last in your system
This is the stripe of content I take advantage of reading. https://gnolvade.com/
sildenafil jelly 100 mg – 100 mg sildenafil price viagra sale uk only
I am actually enchant‚e ‘ to glitter at this blog posts which consists of tons of useful facts, thanks representing providing such data. https://ursxdol.com/prednisone-5mg-tablets/
More peace pieces like this would create the web better. purchase prednisone
With thanks. Loads of knowledge! https://prohnrg.com/product/metoprolol-25-mg-tablets/
This is the description of serenity I have reading. this
Thanks on sharing. It’s outstrip quality. https://ondactone.com/product/domperidone/
The thoroughness in this draft is noteworthy.
https://proisotrepl.com/product/domperidone/
More posts like this would force the blogosphere more useful. http://anja.pf-control.de/Musik-Wellness/member.php?action=profile&uid=4713
order forxiga 10mg generic – click buy generic forxiga 10mg