Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend
26 Juli 2022 - 1:00AM
NEWSBTC
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
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$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. 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
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