Ethereum Bullish Signal: Whales Withdraw $750 Million In ETH From Exchanges
On-chain data shows exchanges have recently observed a large amount of Ethereum exit their wallets, a sign that could be bullish for ETH’s value. Ethereum Exchange Reserve Has Seen A Plunge Recently As explained by analyst Ali Martinez in a new post on X, the ETH investors have made net outflows from exchanges recently. The on-chain indicator of relevance here is the “Exchange Reserve,” which keeps track of the total amount of Ethereum sitting on the wallets associated with all centralized exchanges. When the value of this metric goes up, investors will make net inflows....
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In the last 11 days, traders have withdrawn over 900K Ethereum (worth over $2.45B). Whales had also bought over 280K Ethereum ($756M) as of yesterday. What this means is less selling pressure and more price stability for the second-strongest cryptocurrency. $ETH is currently $2,700, a 2.4% increase in the last week, and community sentiment is […]