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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Over 100k Ethereum Exits Exchanges, What Does It Mean For The Price?

Keshav Verma
Keshav Verma
3 years ago
3 mins read

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On-chain data shows exchanges observed Ethereum outflows of over 100k ETH yesterday. Here’s what it may mean for the coin’s price.

More than 100,000 Ethereum Exited Exchanges Yesterday

As explained by an analyst in a CryptoQuant post, the netflows showed a large negative spike yesterday as more than 100k ETH exited exchange wallets.

The “netflow” is an indicator that reveals the net movement of coins moving out of or into exchange wallets. Its value is calculated by taking the difference between the inflows and the outflows.

When the metric has positive values, it means there is a net amount of coins moving into exchange wallets. Such a trend may mean investors are bearish on the crypto as they are sending coins from their personal wallets for selling on exchanges.

On the other hand, values in the red are seen when investors are withdrawing a net amount of coins. Negative values of the indicator would therefore suggest holders are currently bullish on Ethereum.

Related Reading | Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero

Now, here is a chart that shows the trend in the value of the ETH all exchanges netflow over the past fifteen days:

Ethereum Netflows

Looks like the indicator has recently shown a huge negative spike | Source: CryptoQuant

As the above graph shows, around 103k ETH was withdrawn from exchanges yesterday. At current rates, this amount of Ethereum is worth about $490 million.

Now, here is what the analyst thinks this trend may suggest. Firstly, this is bullish in the long term as it suggests there is demand from big players like institutional investors at the current price levels.

Related Reading | This Is Hilarious: Bitcoin Denier Steve Hanke Is Into Ethereum Now

Secondly, in the short term, however, this may either end up being neutral or bearish. The quant believes so because the whale responsible for this huge outflow could be done buying for now so buying power might drop afterwards, leading to a possible price drop.

ETH Price

At the time of writing, Ethereum’s price floats around $4.7k, up 0.1% in the last seven days. Over the past thirty days, the coin has accumulated 20% in gains.

Below is a chart that shows the trend in the price of ETH over the last five days.

Ethereum Price Chart

ETH's price seems to have recovered from the crash down to $4.5k | Source: ETHUSD on TradingView

Over the last few days, Ethereum has shown high volatility as the price has fluctuated between $4.8k and $4.5k multiple times.

Currently, ETH seems to have recovered somewhat from the crash that occurred after the crypto set a new all-time high. However, if volatility keeps up, it’s hard to say if this recovery would stand for too long.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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