Key Insights
- 200,000 ETH left exchanges in two days, lowering balances to their lowest in recent weeks.
- Netflow charts show consistent outflows, pointing to reduced sell pressure and increased investor holding behavior.
- Ethereum price nears ATH, trading above $4,700 with strong volume and rising trader interest in dips.
Roughly 200,000 ETH have been pulled from centralized exchanges within the last two days, according to Ali Martinez. This is based on data showing a sharp fall in total Ethereum held on these platforms, now estimated at 5.82 million. The decline marks the lowest level in recent weeks.
Exchange outflow charts show large spikes during this period. These movements reflect the transfer of Ethereum away from exchanges, possibly into private wallets. The timing and scale of the withdrawals suggest increased activity by high-value accounts.
Netflow Data Supports Withdrawal Spike
Netflow charts, which track the difference between deposits and withdrawals, show strong negative values over the same 48-hour window. On August 23, the chart records one of the steepest outflows in over a month.
The red bars seen on multiple days indicate consistent withdrawal pressure. When more ETH leaves exchanges than enters, it often means fewer coins are available for immediate trade. While this doesn’t confirm intent, it matches the observed reduction in exchange balances.
Despite the large Ethereum outflows, the total value of exchange-held Ethereum in USD rose sharply from August 21 to 23. According to market data, reserves reached around $87.9 billion during this time.
This rise may be partly due to the price increase of Ethereum, which traded above $4,700 on August 23. However, the return of assets to exchanges is also possible. The increase in reserve value could mean either inflows or price appreciation—it’s unclear without more context.
ETH Price Moves Toward All-Time High
Ethereum price was trading at $4,780 at press time. This marks a 1% increase over the past 24 hours and a 6% rise in the last seven days. Volume over the past day reached more than $20 billion.
Market watchers have noted the price approaching all-time highs. Ted stated,
“$ETH is pushing against the ATH,” and pointed out that “dips to $4,600 support are for longs.”
This suggests that some traders may be looking to enter positions if the price drops slightly before a breakout.
With exchange balances falling and price nearing key resistance, attention remains on ETH’s next move.
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Source: https://coincu.com/analysis/200000-eth-withdrawn-from-exchanges/