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Ethereum Records $181 Million Outflow from Exchanges, Marking Highest Movement Since August

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Thu, 5/10/2023 - 8:53
Ethereum Records $181 Million Outflow from Exchanges, Marking Highest Movement Since August
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Ethereum experienced an outflow of approximately 110,000 ETH ($181 million) from exchanges this past Wednesday. 

This notable movement marked the largest outflow since Aug. 21, according to data analytics provider Santiment. 

The current non-exchange Ethereum stands impressively at an all-time high of 115.88M ETH. Simultaneously, the amount of Ethereum available on exchanges has dropped to its lowest in approximately 5.5 years.

No demand for ETH trading? 

As reported by U.Today, a slew of Ethereum ETFs debuted with extremely low volumes, attracting ridicule from industry observers.  

Related

K33's senior analysts recently poured cold water on demand for the chief altcoin, stating that the launch of Ethereum futures ETFs had not met the expected enthusiasm. Traders at the CME attempted to front-run the ETF's launch, but their efforts were in vain due to the lackluster debut of the ETFs. 

Ethereum sees a slight price dip  

Data from CoinGecko shows Ethereum's current price standing at $1,635.85 after a subtle decline of 0.5% within a 24-hour span. This decline translates to a 1.1% decrease against BTC

The 24-hour trading range for Ethereum fluctuated between $1,631.65 and $1,654.45, with a market cap reported at approximately $196.7 billion. The 24-hour trading volume for the cryptocurrency stood at around $7.3 billion.

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