• Ethereum’s daily exchange outflow reached its highest level since August on 4 October.
• ETH’s accumulation has continued to dawdle. 

On 4 October, over 110,000 Ethereum [ETH] coins, worth around $177.65 million, were withdrawn from known crypto exchange wallets, marking the highest daily exchange outflow since August.

#Ethereum | Roughly 110,000 $ETH were withdrawn from known #crypto exchange wallets in the past 24 hours, worth around $177.65 million, according to onchain data from @santimentfeed. pic.twitter.com/3CGVgOQUbM

— Ali (@ali_charts) October 5, 2023

When an asset’s exchange outflow surges in this manner, it suggests that coin holders are moving their assets off exchanges and into cold storage or other non-custodial wallets, which could signify bullish sentiment.

Is your portfolio green? Check out the ETH Profit Calculator

ETH fails to react

A surge in exchange outflows is typically followed by a rally in an asset’s price, which means a reduction in sell-of

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Author: Abiodun Oladokun

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