- Exchange outflow passed inflows, impacting stability in ETH price.
- Activity on the Ethereum mainnet fell.
In an interesting turn of events, Ethereum [ETH] has attracted whales’ interest of late. However, it was uncertain if the activities of whales would favor the ETH price action as it looked more or less gloomy in recent times.
How much are 1,10,100 ETHs worth today?
Not yet time to dump ETH
According to Lookonchain, a particular whale took out 13,301 ETH from OKX after the market experienced a downturn. Although exchange outflow depicts a potential move to keep the asset for a long time, it was important to also note that the same was involved in a similar situation.
On 21 August, the whale in question withdrew $30 million worth of ETH from the same exchange. At the same time, he deposited 57 million USDT and 10 million USDC on Binance.
Sometimes, an action like this suggests that the whale could be getting set to convert the stablecoins into other assets that may increase in value going forward. But what else was happening with ETH?
According to Santiment, ETH’s exchange inflow was 5453. The exchange inflow refers to the number of non-exchange-to-exchange transfers. And when it increases, it means that a sell-off could be imminent.
When the exchange inflow decreases, it implies that the asset price could stabilize or rather increase. On the other hand, ETH’s exchange outflow was 9953. Unlike the inflow, the exchange outflow refers to transactions made from exchange addresses to non-exchange addresses.
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Author: Victor Olanrewaju
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