• Ethereum’s exchange outflows have increased in the past few weeks.
• This has occurred despite its sideways price movements.

Leading altcoin Ethereum [ETH] has continued to experience a surge in exchange outflows, despite recent price action, on-chain data provider IntoTheBlock noted in a recent post on X.

ETH continues to record more significant exchange outflows, with $380M leaving CEXs this week and approximately $1.5M this past month pic.twitter.com/WlteNAJssu

— IntoTheBlock (@intotheblock) September 2, 2023

According to the data provider, over $380 million worth of ETH left centralized exchanges last week. Over the past month, the total outflow has been around $1.5 million.

Read Ethereum’s [ETH] Price Prediction 2023-24

An uptick in an asset’s exchange outflows is often considered to be a bullish signal, as it suggests a reduction in the amount of that asset available for trading on exchanges. This reduction in supply can create a supply-demand imbalance and potentially drive up the asset’s price due to increased competition among buyers.

Also, it could mean that investors are sending their holdings to private wallets, making them less readily available for immediate selling. This often results in reduced selling pressure on the market, which can contribute to price stability or upward price movements.

Moreover, high exchange outflows could be because investors are moving their holdings to stalking pools. This is very plausible in ETH’s case, as data from Dun

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Author: Abiodun Oladokun

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