- Around 29,000 ETH has been deposited into different exchanges in the past 48 hours.
- ETH remained in the $2,000 price range despite declines.
An increasing number of Ethereum [ETH] coins have been entering various exchanges over the last 48 hours, based on AMBCrypto’s analysis via Lookonchain.
Further analysis of these deposits showed that Cumberland and Amber collectively deposited 19,000 ETH, worth over $38 million. Additionally, Celsius and another whale address deposited 10,000 ETH, valued at around $20 million, into Binance [BNB] and OKX.
The data implied that these specific addresses executed these transactions to facilitate the sale of their ETH on these exchanges. Depending on the proportion of their contributions to the overall trade volume, it could influence the overall trajectory of ETH’s price.
Analyzing how Ethereum’s netflow has reacted
An examination of Ethereum’s netflow data on CryptoQuant showed a positive trend in the past 48 hours. This indicated that there had been a greater inflow of ETH compared to its outflow during this period.
At the close of trading on the 27th of November, the netflow was notably positive, recording over 27,000 ETH. As of this writing, the positive netflow persisted, with over 8,000 ETH.
Source: CryptoQuant
Notably, this was the first positive netflow in the past five days. Also, it was the first consecutive day with a positive netflow in the recent days.
Supply continues to drop
AMBCrypto’s examination of
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Author: Adewale Olarinde
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