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Ethereum (ETH) Is Rapidly Outflowing from Exchanges, Figures Are Record-Breaking

Thu, 07/21/2022 - 16:05
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Gamza Khanzadaev
4-year low ETH balance on exchanges accompanied by 13-month-high weekly outflow
Ethereum (ETH) Is Rapidly Outflowing from Exchanges, Figures Are Record-Breaking
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The rise in the price of the main altcoin by 40% in the last seven days definitely surprised the whole crypto community, which absolutely did not expect such a turn of profitable events. Of course, many investors had the opportunity to gain ETH positions and did it at a fast pace, as statistics show, but it seems that the rapid growth made such a strong impression on them that they not only do not fix profits but withdraw Ethereum from exchanges at a record pace. To understand the situation in more detail, let's look at the data from Glassnode.

First of all, we need to look at Ethereum's net inflows on the exchange. According to the metric, the historical low of minus $97 million was reached today. At the same time, the previous record of minus $65 million managed to last only a couple of hours of one day, after which it was absolutely crushed. At the same time, the weekly outflow of altcoins from exchanges renewed its 13-month high. A total of 29,823 ETH were withdrawn during the week, according to Glassnode.

These stats were preceded by another important indicator of the aggregate balance of Ethereum on exchanges, which also updated the four-year low. At the moment, the amount of coins on exchanges is calculated to be valued at 19.1 million ETH.

More profits in Ethereum, more fees paid for transfers

Ethereum outflows from exchanges are accompanied by a renewal of monthly highs in the number of wallets in profit; such addresses are now at 46.1 million. The amount of commissions paid on the Ethereum network total 7 million ETH.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.