$9 Billion In Ethereum Exited Exchanges In Last 3 Days As ETH Drops To $4.2k
17 Noviembre 2021 - 1:00PM
NEWSBTC
$9 billion in Ethereum was withdrawn from exchanges within the past
three days, suggesting that whales might be accumulating. A Massive
2.2M ETH Exited Exchanges In The Last Three Days Alone As pointed
out by a CryptoQuant post, on-chain data shows around $9 billion in
Ethereum was taken off exchanges in the past few days. The
indicator of relevance here is the “exchange reserve,” which
measures the total amount of ETH present in exchange wallets. When
this metric’s value goes down, it means investors are withdrawing
their Ethereum from exchanges. Such a trend may be a sign of
accumulation, and could be bullish in the long-term. On the other
hand, when the indicator moves up, it implies holders are moving
their coins to exchanges either for withdrawing to fiat or for
purchasing altcoins. This situation can end up being bearish for
the crypto. Now, here is a chart that highlights the trend in the
value of the Ethereum exchange reserve over the past year: Looks
like the indicator has been dropping off for a while | Source:
CryptoQuant As the above graph shows, the Ethereum exchange
reserves showed a very sharp decline over the past three days.
Related Reading | TA: Ethereum Nosedives, Why Bulls Could
Struggle In Near Term During this period, about 2.2 million ETH
(more than $9 billion at the current rate) was taken off exchange
wallets. This is one of the largest quantities of Ethereum that was
withdrawn in such a short amount of time. This could be a sign of
accumulation from whales, or it could turn out to be a result of
internal wallets transfer on an exchange. Related Reading
| Ethereum Scarcity: After London Fork, ETH’s Supply Change
Drops To Almost Zero But if it’s indeed because of accumulation
from big players like institutional investors, then it could be
quite bullish for ETH. Also, the chart shows that the exchange
reserves have been on the decline for a while now. As the exchange
reserves effectively represent the available supply of Ethereum for
purchase, such a constant decrease may be leading to a supply
shock. Due to supply-demand dynamics, such a prolonged trend can
prove to be bullish for the cryptocurrency in the long term.
Ethereum Price At the time of writing, ETH’s price floats around
$4.2k, down 13% in the last seven days. Over the past thirty days,
the crypto has gained 11% in value. The below chart shows the trend
in the price of the coin over the past five days. Looks like ETH's
price has declined in the past couple of days | Source: ETHUSD on
TradingView After rising above the $4.7k level again a few days
ago, the coin has again dropped back down since, touching as low as
$4.1k. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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