• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
ethereum

Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend

Best Owie by Best Owie
6 months ago
in Ethereum
Advertisement

Ethereum had been one of the largest winners of the rally that rocked the crypto market last week. The network had seen a boost when one of the developers of Ethereum announced that the upcoming Merge would likely happen sometime in September. It triggered a ripple effect that spread to the other digital assets in the space. But it seems Ethereum investors are nowhere close to being done, given the on-chain metrics from the last week.

Exchange Outflows Ramp Up

In the last week, large and small Ethereum investors alike have been ramping up in terms of accumulation. This shines through in the among of ETH that was recorded, leaving centralized exchanges versus the number that was going into them. The disparity between the two is stark and shows exactly how investors are feeling when it comes to investing in ETH.

Related Reading: MATIC Rises Again, Will It Target The Psychological Level Of $1?

Numbers for the last week have shown that $3.3 billion total in ETH had flowed into centralized exchanges. However, the volume of ETH flowing out was about 100% higher. Data from Glassine shows that $6.5 billion flowed out, leading to a -$3.1 billion net flow.

This shows that investors are accumulating by moving their ETH out of exchanges and presumably to personal wallets for safekeeping. It also points to long-term hold sentiment among these investors. Additionally, it means that the sell pressure that has weighed down the market over the last couple of weeks has begun to ease. In its place is now a high buying pressure, leaving investors to accumulate as much ETH as possible.

Ethereum price chart from TradingView.com

ETH price falls to $1,500 | Source: ETHUSD on TradingView.com

Ethereum Merge Draws Closer

The majority of the gains recorded by Ethereum over the last week have been attributed to the updates made about the upcoming Merge. Ethereum had gained more than 40% on the back of that announcement alone, but the price has not been the only thing affected by the announcement.

Related Reading: Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

The ETH staked on the Ethereum network ahead of the Merge had been on the rise over the last couple of months but witnessed a jump after the announcement was made. At the time of this writing, the number of ETH staked on the network had reached a new all-time high of 13,152,149 ETH, and this number is expected to grow as the date draws closer.

This means that more than $20 billion in ETH is now being held in the ETH 2.0 deposit contract. Now, this is not the highest point it has been in terms of dollar value, but it is nonetheless significant given that the price of ETH is down more than 70% from its ATH. 

Featured image from Financial Times, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…


Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.



No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?



Tags: ETHethereumEthereum exchange net flowsethusdETHUSDTinflowsoutflows
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Best Owie

Best Owie

Related Posts

Grayscale Bitcoin Trust

Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

6 days ago
Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

6 days ago
Ethereum Smart Contracts

Number of New Ethereum Smart Contracts Falls 60% in 2023

6 days ago
Ethereum

Ethereum Closes Near Its Next Profit Take Region As Bullish Momentum Continues

1 week ago
Vitalik Buterin Blockchain Ethereum Privacy

Vitalik Buterin Proposes A Privacy Fix for Ethereum

1 week ago
Ethereum

Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade

1 week ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Best Penny Cryptos To Buy Now To See 10x Gains in 2023

January 31, 2023

Get In Early – These 6 Crypto ICOs Are Ready to Boom in 2023

January 31, 2023

CoinEx Makes Crypto Trading Easier via Fiat-to-Crypto Services

January 31, 2023

QI Blockchain Ecosystem: The Fastest Growing Ecosystem in the World

January 31, 2023

Gold & Silver Standard And MRHB DeFi Announce Partnership To Offer Fully-Compliant Platform For Islamic Investors

January 31, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.