Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Deposits At 4-Month High: Whales Preparing For Selloff?

Share This Post

On-chain data shows that the Ethereum exchange netflow recently spiked significantly, a sign that could be bearish for the cryptocurrency’s price.

Ethereum Exchange Netflow Registered A Large Positive Spike Recently

In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend that has been occurring in the exchange netflow metric for Ethereum.

The “exchange netflow” here refers to an on-chain indicator that tracks the net amount of any given cryptocurrency entering into or exiting the wallets associated with centralized exchanges.

When this metric’s value is positive, it means that investors are depositing a net number of tokens on these platforms right now. Generally, one of the main reasons holders may transfer to the exchanges is for selling-related purposes, so this trend can have bearish implications for the asset’s price.

On the other hand, the negative indicator implies the exchanges are currently bleeding supply as outflows are outpacing the inflows. Such a trend may be a sign that the investors are accumulating, which can naturally be bullish for the coin.

Now, here is a chart that shows the trend in the Ethereum exchange netflow since the start of the year 2024:

Ethereum Exchange Netflows

The graph shows that the Ethereum exchange netflow has registered a positive spike recently. At the height of this spike, the exchanges received 140,660 ETH in net deposits.

At the current price of the cryptocurrency, this amount is equivalent to almost $547 million. This is a huge amount and the largest net deposit spree these central entities have witnessed since January.

“High inflows to exchanges are typically a sign of selling behavior, as people either try to claim profits or succumb to FUD,” notes the analytics firm. Interestingly, though, since these deposits have come, the asset’s price has increased.

This could suggest that either the whales making the inflows haven’t pulled the trigger on selling these coins yet, or they never planned to sell to begin with. Of course, it’s also possible that the market demand has been able to absorb the selling if the whales have indeed sold.

In the scenario where the whales made the deposits with the intention of selling but haven’t made the trade yet, Ethereum could feel a bearish effect.

It now remains to be seen how the cryptocurrency’s price will develop in the coming days and if these large deposits will play any visible role at all.

ETH Price

Ethereum had seen a pullback earlier, but the asset has managed to make a recovery, as its price is now once again floating above the $3,900 mark.

Ethereum Price Chart

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Nobody cares – Fear I Already Missed Out may be overpowering FOMO in Bitcoin market

Bitcoin trades above $110,000 today, while Google Trends data for “bitcoin” sits at 38 This afternoon, a Midtown Manhattan barista will glance at a phone ticker showing $110,630 He’ll shrug

Dubai Approves Real-World Asset Tokenization for Secondary Markets

The post Dubai Approves Real-World Asset Tokenization for Secondary Markets appeared first on Coinpedia Fintech News Dubai has taken a big step toward making real-world asset (RWA) tokenization a

Top 5 Altcoins to Buy As Bitcoin Hits New ATH!

The post Top 5 Altcoins to Buy As Bitcoin Hits New ATH! appeared first on Coinpedia Fintech News The crypto market today has forayed into a new phase of bullish momentum, driven by Bitcoin’s

SUI DEX Cetus Hacked — $11M Drained, Tokens Crash Over 75%

The post SUI DEX Cetus Hacked — $11M Drained, Tokens Crash Over 75% appeared first on Coinpedia Fintech News Cetus, a leading decentralized exchange (DEX) on the SUI blockchain, has suffered a

Report: Colombia Running CBDC Pilot on Cosmos

According to Maghnus Mareneck, co-CEO of Interchain Labs, the Colombian government will be testing a still-unannounced CBDC on the Cosmos network Colombia aims to target cross-border payments with

Best Altcoins to Buy as Bitcoin Explosion Promises New Altcoin Season

After hitting ATH after ATH, Bitcoin ($BTC) is now edging close to the $111K mark after briefly touching it earlier today A combination of institutional demand, supply-side dynamics, and broader