Ethereum on-chain exchange outflow $1.4 billion as whale moves nearly 98,000 ETH between unknown wallets

By Selena On Aug 10, 2021

Glassnode shared some data saying that users have been actively withdrawing their ETH from crypto exchanges – the data was collected over the past twenty-four hours. Over the past twenty-four hours, the amount of ETH withdrawn from exchanges by users has skyrocketed to $1.4 billion.

? Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $1.9B in
⬅️ $2.5B out
? Net flow: -$590.8M#Ethereum $ETH
➡️ $1.2B in
⬅️ $1.4B out
? Net flow: -$181.5M#Tether (ERC20) $USDT
➡️ $659.3M in
⬅️ $799.2M out
? Net flow: -$139.8Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) August 10, 2021

ETH exchange outflow prints new high on the month

Meanwhile, Whale Alert reported that during a period of 9 hours ago, crypto whales transferred a huge amount in ETH to an anonymous wallet – amounting to 69,868 ETH. These are two transactions, taking place 2 hours apart.

Source: Whale Alert

Meanwhile, an astonishing amount of crypto – 28,078 ETH – was deposited from some major cryptocurrency exchanges.

Source: Whale Alert

At press time, Ethereum price is changing hands at $3,151, up 8% over the past 24 hours, and recorded a 27% gain in seven days.

The total amount of Ethereum coins held on various centralized exchange addresses has fallen to record lows. According to the indicator, the current balance of Ethereum on CEXes is equal to 11 million ETH. The decline in the exchange supply began in May 2020 and has continued until now. The start of the supply reduction also correlates with the beginning of the rapid growth of the Ethereum price.

Source: Oklink

Usually, a descending or the low number of cryptocurrencies on exchanges is considered a bullish signal. Meaning, ETH holders or other crypto holders are unwilling to realize their investment and prefer to keep it in their wallets. The supply of Ethereum on exchanges has not been this low since 2018.

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