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bitcoin
Bitcoin (BITCOIN)
$86,820 2.71%
ethereum
Ethereum (ETHEREUM)
$3,247 -1.21%
binancecoin
BNB (BINANCECOIN)
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solana
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ripple
XRP (RIPPLE)
$0.67 13.30%
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Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000029 8.58%
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Ethereum Exchange Inflows Hit Record High: How Will ETH Prices Respond?

Ethereum’s (ETH) price could be on the verge of a spontaneous turnaround, as inflows into exchanges hit a record high since January. Interestingly, ETH’s recent massive influx into exchanges followed a period characterized by remarkable Ethereum price actions that accompanied the coin’s spot Exchange Traded Fund (ETF) approval. 

Renowned digital assets analytical platform “IntoTheBlock” tracked the Ethereum inflows into exchanges and reported it on X via its official account. “The amount of Ether flowing into exchanges hit the highest point since January,” the crypto analytical platform wrote on X. 

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ETH Records A Net Inflow Of 140.66K Tokens Into Exchanges Within A Day 

According to the post on X, Ethereum’s recent influx series saw about 140.66k ETH returned to exchanges on Saturday, marking the coin’s highest net deposit to trading platforms in over four months. 

In the crypto space, events like the one described above boast immense potential to elicit sudden price reversals, raising suspicions about the possibilities of a spontaneous retracement in ETH’s price. 

Investors Possibly Selling Off Their ETH Holdings To Take Profits 

In addition to announcing the unusually high influx rate, the analytical platform noted that high inflows into exchanges reflect selling behaviors by most traders as they attempt to take profits, stemming from the “Fear Uncertainty and Doubt” (FUD) phenomenon. 

Surprisingly, the surge in ETH’s inflow into exchanges is coming despite the series of bullish price analyses projecting the token to incredible price levels, corroborating the initial claims about FUD driving investors’ choices of opting to cash in on their profits. 

Long-Term ETH Holders Dominating As Total Inflows Exceed Outflows 

While Ethereum might have recorded extensive deposits into exchanges, the coin’s holders’ statistics and other relevant variables indicate that the sell-offs seem to stem from a lesser percentage of ETH holders’ community, as total exchange outflows in the past seven days exceeded inflows for the same period at about $17.61 billion and $17.23 billion, respectively, indication pronounced buying actions over sell-offs, as envisaged in this insight. 

According to the data on the analytical platform, 92% of the coin holders are currently in profit, 3% are neither gaining nor losing, while the remaining 5% are presently recording losses.

In addition, 51% of the ETH owners are large investors, implying a significant tendency to orchestrate a more spontaneous price action by the whales via their market activities. 

In the holders’ composition by time held statistics, the cryptocurrencies data analytical platform noted that 74% of Ethereum owners have owned the token for more than a year, 22% have held onto the coin for more than a month but less than a year while the remaining 4% owned it for less than a month. 

ETH’s Price Actions Depicting A Slight Retracement In Its 24-Hour Variable 

Per Ethereum’s (ETH) market statistics on Coincodex, the world’s most valuable altcoin is changing hands at about $3,810, reflecting a 2.56% downtrend in the past 24 hours. The Ether-based token 24-hour price range indicated minimum and maximum market valuations of approximately $ 3,806.53 and $ 3,901.83, respectively.

Other relevant data on the crypto assets price tracking platform disclosed Ethereum’s sentiment as bullish, with a low supply inflation rate, high volatility at 9.92%, and a “Fear and Greed Index” that reflected greed at 72. 

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