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A report shared by the on-chain data aggregator Sentora (previously known as IntoTheBlock) shows a massive outflow of Ethereum from cryptocurrency exchanges that happened within a single day.
It happened as market sentiment is turning bullish and investors are beginning to scoop up ETH. Meanwhile, open interest on ETH futures has also soared, reaching a new all-time high.
Investors craving for ETH, withdrawing across exchanges
According to Sentora’s recent tweet, on Wednesday, 140,120 ETH valued at approximately $393 million were withdrawn from crypto exchanges. The tweet underscored that this was “the largest single-day withdrawal in over a month.”
This massive outflow aligned with the Ethereum price skyrocketing above the $2,760 price level. The last time similar cumulative ETH withdrawal from trading platforms took place was on May 12, but at that moment, ETH was trading at around $2,520 per coin.
ETH futures OI hits $20 billion
Another large source of on-chain data, Glassnode, has revealed that Ethereum futures open interest (OI) has reached a record $20 billion after a recently staged spike. The tweet also notes that traders continue to build up leverage as they keep uploading stablecoins, such as USDT, USDC, etc.
This OI is driven by cash-margined contracts and stablecoin leverage, and a notable rise in it signals an increase in trader speculation despite a significant price decline of 4.31% in the past 24 hours as ETH lost the $2,800 level. At press time, the asset is changing hands at $2,745.
Smart whale buys back ETH it just sold
Analytics account on the X social media platform @spotonchain has spotted a large whale (likely, a financial institution), which has been selling ETH recently, that decided to buy back some of the Ethereum coins it dumped the other day.
The tweet referred to this whale as a “smart institution” that has recently earned $30.45 million on trading ETH. It has acquired ETH just a day after selling, gaining 15,000 ETH $46.5 million after selling 30,000 ETH on June 10 for $78.63 million via OTC at Wintermute. His profit from the sale constituted $6.72 million after 15 days of holding ETH.
But since the price went higher, the whale paid $2,818 per ETH on average, while it sold at $2,621.
Vladislav Sopov
U.Today Editorial Team