Over $800M in ETH Exits Exchanges in 7 Days, Last Major Inflow Was May 25
CryptoNewsTerminal Staff06 Jun, 2024
Over $800M in ETH Exits Exchanges in 7 Days, Last Major Inflow Was May 25
Crypto market data analytics platform IntoTheBlock recently reported that over $800 million worth of ETH has left major crypto exchanges in the last 7 days. This marks a significant shift in trend, as the last time ETH saw net inflows into exchanges was on May 25. The news comes amid a period of increased volatility for the crypto market. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have both seen their prices fluctuate significantly in recent weeks. It is unclear what is driving the recent outflow of ETH from exchanges. However, some analysts believe that investors may be moving their ETH to non-custodial wallets in anticipation of a potential price increase. Others believe that the outflows may be due to investors taking profits after the recent rally in ETH prices. Regardless of the reason, the recent outflow of ETH from exchanges is a significant development. It suggests that investors are becoming increasingly bullish on the long-term prospects of ETH and are willing to hold it outside of exchanges.
