Ethereum Exchange Outflows Surge, Suggesting Easing Selling Pressure

IconCryptoNewsTerminal Staff30 Jul, 2024

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Ethereum Exchange Outflows Surge, Suggesting Easing Selling Pressure

Cryptocurrency on-chain analytics platform Santiment reported that 80,800 ETH flowed out of exchanges in July, marking the largest net outflow in two months. This indicates that the selling pressure on ETH has eased. However, exchange outflows of USDT have also hit a five-month high of 346 million USDT, suggesting that buying demand has also decreased. This suggests that while some investors are withdrawing their ETH from exchanges, others are also withdrawing their USDT, potentially to take profits or to invest in other assets. It remains to be seen whether this trend will continue in the coming months.

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