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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Outflows Remain The Order Of The Day As Ethereum Crosses $3,300

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum

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Ethereum has now cemented its position above the hard-won $3,000 level. This signals another bull rally for the digital asset given how the market has responded to its recent surge. More money is coming into the digital asset daily as investors clamor to take part in the gains. This is evidenced by the exchange inflows and outflows, which show a clear buy and accumulate trend on the part of these investors.

Ethereum Outflows Grow

For the past week, Ethereum, like its counterpart Bitcoin, has been on an outflow trend. This trend saw more of the digital asset leaving exchanges than have been coming in. Glassnode Alerts makes daily reports of exchange inflows and outflows, showing that Ethereum investors are choosing to remove their coins off exchanges, presumably to safer, personal wallets.

Related Reading | Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining

In the one-week time frame, daily exchange outflows had consistently been above that of inflows. In total, there was a total of $5 billion worth of Ethereum that were moved into exchanges in one week. Compared to this is outflows, which came out at $6 billion in total leaving exchanges. This translates to 20% more ETH leaving exchanges than those being moved in to be too sold.

🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC
➡️ $7.3B in
⬅️ $7.7B out
📉 Net flow: -$474.3M#Ethereum $ETH
➡️ $5.0B in
⬅️ $6.0B out
📉 Net flow: -$1.1B#Tether (ERC20) $USDT
➡️ $5.6B in
⬅️ $4.9B out
📈 Net flow: +$722.7Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) March 28, 2022

It shows that investors have been accumulating their tokens over the past week. However, there has been a break in this streak recently. As markets open on Monday, ETH has seen this accumulation trend turn.

Glassnode Alerts reported in the early hours of Monday that exchange inflows had topped that out of outflows. On the daily chart, exchanges saw $441 million worth of ETH flow in, while only $418 million of ETH flowed out, recording a net flow of +$22.8 million.

There is no telling if this is the new trend as it is too early to tell. However, this makes sense given that investors who have been holding through the period of consolidation would want to realize some profits given that the price is up significantly.

ETH On The Charts

As expected, Ethereum has had one of the best runs out the weekend rally. The digital asset which had been struggling to hold above $3,000 finally got the boost it needs to shed the impacts of the bears. This pushed it high with a soft landing above $3,300.

Ethereum price chart from TradingView.com

ETH breaks above $3,300 | Source: ETHUSD on TradingView.com

With this recent move, trends for the digital asset in the short term have all turned bullish. Buy pressure has cranked up to 92% on investors as the cryptocurrency prepares to test the next significant resistance which lies above $3,500.

Related Reading | TA: Ethereum Gains Traction, A Strengthening Case For More Gains

At the time of this writing, Ethereum is trading $3,324 with a market cap of almost $400 billion.

Featured image from Admiral Markets, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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