- Ethereum outflows from crypto exchanges have resumed to levels seen before last Wednesday’s crash
- 403k ETH worth $1.132 billion has left crypto exchanges in the last 24 hours
- 1.2 million ETH worth $3.376 Billion has left crypto exchanges in the last month
- Accumulation of ETH continues and could lead to a price increment towards $3k and above
Ethereum investors have resumed their habit of moving ETH out of crypto exchanges and into their personal wallets for utilization in DeFi or cold storage. According to data from Viewbase.com, a total of 403,067 ETH worth $1.132 Billion has left crypto exchanges in the last 24 hours. The screenshot below, courtesy of the tracking website, further demonstrates this outflow of Ethereum.
Ethereum Seems More Attractive Than BTC Right Now
The movement of Ethereum out of crypto exchanges in the last 24 hours was also noted by crypto-community member @JA-Maartun who shared his analysis of ETH through the following statement and chart demonstrating the outflows.
I hate it to say, but $ETH seems more attractive than $BTC. $ETH Balance on exchanges are back on pre-dump levels. Combined with the break of the daily price levels (2775$), it is stronger than $BTC which hasn’t recovered inflow levels & is at daily resistance
1.2M Ethereum has Left Crypto Exchanges in the last 30 Days
The renewed outflow of Ethereum from crypto exchanges is despite last Wednesday’s crypto market crash which was catalyzed by China reiterating its 2018 ban on Bitcoin mining and crypto trading. What initially happened was that Ethereum investors briefly sent their ETH to exchanges in fear of falling prices. However, as can be seen above, they are back to being confident about the long-term growth of ETH.
The confidence in Ethereum is best exemplified by observing the outflows of the last 30 days whereby 1.2 million ETH worth $3.376 Billion has left crypto exchanges. The data below, courtesy of ViewBase.com, further points to Ethereum investors playing the long game with ETH.
A Return of Ethereum Outflows from Exchanges Could Push ETH back Above $3k
The fundamentals surrounding Ethereum are once again in bullish territory with a resumption of ETH moving out of exchanges. Such activity indicates there is demand for Ethereum and investors are optimistic about its long-term value based on DeFi, NFTs, DEXs and ETH2.0. Therefore, Ethereum could soon break the $2,800 and $3k resistances in the next few hours or days, and reclaim levels closer to $3,500.