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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a significant outflow from exchanges over the last week, marking the highest weekly withdrawal since December 2022. This movement signals a shift in investor sentiment, despite lingering pessimism surrounding ETH’s price performance.
According to on-chain analytics platform IntoTheBlock, $1.8 billion worth of ETH left exchanges last week, the highest weekly amount since December 2022. Despite ongoing pessimism around Ethereum prices, IntoTheBlock noted that this trend suggests many holders see current levels as a strategic buying opportunity.
When large amounts of ETH leave exchanges, it typically suggests that investors are moving their holdings into cold storage, rather than preparing to sell. This trend often indicates confidence in Ethereum’s long-term potential, as holders are choosing to hold rather than sell in the short term.
Arman ShirinyanAt press time, the ETH price was down 0.5% in the last 24 hours to $2,129 after hitting intraday lows of $1,994, reflecting a sell-off on the market at Monday's start. Ethereum is down 10% weekly.
Ethereum drops as crypto market faces sell-off
Cryptocurrency prices dipped on Monday as volatility persisted following an executive order issued last week to establish a strategic Bitcoin reserve in the United States as well as an additional digital asset stockpile, which disappointed investors. Some investors, however, believe the initiative to establish a reserve is positive in the long run.
Tomiwabold OlajideBitcoin, Ethereum and the majority of digital assets have plummeted. According to CoinGlass data, the drops resulted in approximately $647 million in liquidations of leveraged derivative trading positions across all crypto assets; $490 million of bullish bets were liquidated over the time frame, alongside $155 million of short positions.
According to Ali, a crypto analyst, Ethereum (ETH) is consolidating within a descending triangle. Once a breakout occurs, it could trigger an 18% price move.
Dan Burgin
Vladislav Sopov