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New reports have revealed a mass exodus of ethereum (eth) tokens from various crypto exchanges. On-chain data from IntoTheBlock shows that over $1.4 billion worth of ethereum has been withdrawn from exchanges. This large-scale eth outflow is one of the largest in recent months, indicating a possible change in investor behavior.
ethereum Exchanges See Massive Outflows
IntoTheBlock, a cryptanalysis platform, <a target="_blank" href="https://app.intotheblock.com/coin/eth/deep-dive?group=all&chart=all” rel=”nofollow”>reported that more than $1.4 billion in ethereum have recently been sold <a target="_blank" href="https://bitcoinist.com/traders-pulling-eth-whats-next-for-ethereum/amp/” rel=”nofollow”>exited crypto exchanges. This large-scale transfer typically occurs when investors purchase a cryptocurrency on an exchange and move it to their private wallets instead of storing it on the centralized exchange.
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Considering the large amount of eth involved, investors may be planning <a target="_blank" href="https://bitcoinist.com/ethereum-leads-bitcoin-in-long-term-holder-ratios-74-7-of-eth-addresses-hold-strong/amp/” rel=”nofollow”>preserve your assets instead of selling them. IntoTheBlock data indicates that approximately 74% of <a target="_blank" href="https://bitcoinist.com/ethereum-hodler-ratio-surpassed-btcs-in-2024-will-history-repeat/amp/” rel=”nofollow”>eth Investors Have Been HODLing for more than a year, highlighting a widespread trend among investors to hold on to their assets.
The last time ethereum exchanges experienced capital outflows at such a high level was in November 2024. At that time, <a target="_blank" href="https://bitcoinist.com/trumps-presidency-and-bitcoin-why-hes-set-to-make-bitcoin-a-major-focus/amp/” rel=”nofollow”>bitcoin (btc) and Dogecoin (DOGE) were the highlight of the market, experiencing massive gains after <a target="_blank" href="https://bitcoinist.com/donald-trump-wins-the-u-s-presidential-race-crypto-markets-explode-overnight/amp/” rel=”nofollow”>Donald Trump's victory in the United States (US) presidential elections.
In contrast, ethereum posted less impressive gains and struggled to break through resistance levels to reach new highs. Given <a target="_blank" href="https://bitcoinist.com/ethereum-path-to-8000-milestone-holds-strong/amp/” rel=”nofollow”>eth Current Volatility and price fluctuations, it would not be surprising if <a target="_blank" href="https://bitcoinist.com/expert-warns-sell-your-ethereum-now-before-its-too/amp/” rel=”nofollow”>The investors decided to sell their shares. to avoid possible losses. However, the opposite appears to be the case, as these investors are holding on to their assets, possibly banking on a possible price increase in the future.
Confirming massive eth outflows from exchanges, CryptoQuant <a target="_blank" href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-outflow-total?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column” rel=”nofollow”>highlighted a decrease in overall selling pressure in the ethereum market. The blockchain analytics platform revealed that while inflows and outflows have increased slightly, net flows remain negative.
IntoTheBlock also shows that <a target="_blank" href="https://bitcoinist.com/bitcoin-and-ethereum-etfs-positive-inflow-streaks/amp/” rel=”nofollow”>tickets have increased by 43.07% over the past week, while departures have increased by a whopping 57.35%. The net flow of large ethereum holders remains negative, decreasing by 26.35% over the past week and 47.60% over the last 30 days.
Curiously, there have also been significant outflows of money from <a target="_blank" href="https://bitcoinist.com/august-2024-crypto-shock-ethereum-etfs-face-record-outflows-whats-next-for-eth/amp/” rel=”nofollow”>ethereum Spot ETFwith Wu Blockchain<a target="_blank" href="https://x.com/wublockchain/status/1877951604592120308?s=46″ rel=”nofollow”> developer that the total net outflow from these ETFs has increased to $68.47 million.
Analyst Reveals Bearish ethereum Price Prediction
'More crypto Online (MCO), a crypto community on x, has<a target="_blank" href="https://x.com/morecryptoonl/status/1877894330364448876?s=46″ rel=”nofollow”> shared a gloomy ethereum price forecast, projecting a direct drop in line with the third wave of the Elliott Wave theory. According to the analyst, ethereum is likely to remain in its current consolidation phase over the weekend as its Wave 2 develops.
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The analyst has presented potential targets for the projected decline in Wave 3, with significant levels of 100%, 123.6% and 138%. If ethereum experiences a drop to these degrees, its <a target="_blank" href="https://bitcoinist.com/ethereum-buying-opportunity/amp/” rel=”nofollow”>the price could fall at $2,841, $2,660 and $2,555, respectively.
Featured image created with Dall.E, chart from Tradingview.com
