Following a relatively quiet start to the week, Ethereum’s price seems to have returned to some of its early December promises. However, the latest on-chain revelation shows that the “king of altcoins” might be facing some uncertainty over the coming the coming weeks.
A massive amount of ETH has made its way to centralized exchanges over the past few days, resulting in a spike in the Ethereum balances of these platforms.
200,000 ETH Sent To Exchanges In Four Days – What’s Next?
In a post on the X platform, a crypto pundit revealed that investors have been moving massive amounts of Ethereum to centralized exchanges over the past few days. This on-chain revelation is based on the “Balance On Exchanges” metric from data analytics platform Glassnode.
In just the past 96 hours, approximately 200,000 $ETH, valued at around $460 million, have been transferred to known #crypto exchange wallets.
Such a substantial spike could indicate upcoming #Ethereum price volatility. pic.twitter.com/N09a0NZLvR
— Ali (@ali_charts) December 22, 2023
According to the data from Glassnode, around 200,000 ETH (worth more than $460 million) have been transferred to known cryptocurrency exchange wallets in the past four days. When most cryptocurrencies are sent to centralized exchanges, it typically suggests that some investors might be looking to offload their assets.
Total balance of Ethereum on all crypto exchanges | Source: Ali_charts
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Author: Opeyemi Sule
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