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Ethereum

60k ETH Exit Exchanges, Here’s Why It’s Bullish For Ethereum

by Miki 08/27/2021
by Miki 08/27/2021 0 comment

On-chain data shows massive Ethereum outflows of 60k ETH on spot exchanges. Such deeply negative netflows could be a bullish signal for the coin.

Ethereum All Exchanges Netflow Shows Huge Negative Spike

As pointed out by a CryptoQuant post, the Ethereum all exchanges netflow showed a negative spike yesterday as 60k ETH exited exchanges.

The all exchanges netflow is an indicator that’s defined as the difference between the exchange inflows and the outflows.

The “inflow” is the amount of Ethereum moving into exchanges from personal wallets. An increase in this value implies an increase in the supply of ETH for selling purposes or altcoin purchasing.

The “outflow” is just the opposite; it’s the number of coins exiting exchange wallets. When this metric moves up, it might mean there is a buying pressure in the market as more investors store their coins outside exchanges.

Related Reading | Hoskinson Celebrates Ethereum Smart Contracts On Cardano, How This Company Enables It

As the netflow is the inflow minus the outflow, a positive value indicates more ETH is moving into exchanges than out. Similarly, a negative value implies the contrary.

Now, here is how the chart for the Ethereum all exchanges netflow looks like:

Ethereum Netflow

The Ethereum netflow shows a massive negative spike | Source: CryptoQuant

Looking at the above graph, it seems like the indicator is showing a negative spike at the moment. But what could such a value mean for the price?

Related Reading | TA: Ethereum Faces Hurdles, What Could Trigger Fresh Rally

Well, as explained before, when the netflow turns negative, it means the net amount of ETH is directed out of exchanges than in.

Investors pulling out their coins from exchanges could be because they feel a buying pressure in the market right now. Such a situation might mean there is a bullish sentiment among the market.

Will There Be An ETH Supply Shock Soon?

Some analysts think an Ethereum supply shock might hit soon as massive amounts of the crypto continues to be burnt after the London hardfork.

The ETH exchange reserve, an indicator that shows the total number of coins held on exchanges, is also continuing to decline as outflows dominate the inflows.

At the time of writing, Ethereum’s price floats around $3.1k, down 3% in the last 7 days. The below chart highlights the trends in the price of the cryptocurrency over the past three months.

Ethereum Price Chart

After a downtrend, it looks like ETH is now slightly moving up | Source: ETHUSD on TradingView

While the price is going down right now and looks bearish, the demand for Ethereum is only increasing when there isn’t enough supply. This could prove to be quite bullish for the market in the long-term.

Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

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  • Analysis
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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

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