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HomeCrypto NewsEthereum Exchange Withdrawals Reach 14-Month Lows: Glassnode

Ethereum Exchange Withdrawals Reach 14-Month Lows: Glassnode

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Ethereum holders keep ETH on exchanges.

Glassnode Alerts, in a tweet on Monday, reveals that weekly Ethereum outflows from exchanges have tapped 14-month lows of only about 2,396.131.

“Ethereum ETH Number of Exchange Withdrawals (7d MA) just reached a 14-month low of 2,396.131,” tweeted the analytics firm.

The reason for the low withdrawals is not certain. However, it is worth noting that low withdrawals or high supply on exchanges usually indicate the holders’ desire to sell. It could be that holders plan to sell for profit taking if they expect a price surge in the short term or that they expect more downside and are preparing to cut their losses.

It is worth noting that, as reported by The Crypto Basic, there has been massive ETH flow to exchanges following recent upward price movements. According to the report, holders moved 220k ETH to exchanges, the highest inflow since August 2021.

Meanwhile, just a week before, The Crypto Basic also reported that whales had been aggressively accumulating the asset, a key indicator that prices may be expected to surge in the short term. Notably, the asset rose by over 12% following this accumulation, reaching above the $1,200 price point.

It is worth noting that there is a lot of buzz in the Ethereum community as the long-awaited “merge” edges closer. In the last week, the network reached two critical milestones as it looks to migrate to the proof-of-stake Beacon chain with the execution of the Gray Glacier upgrade. In addition, the merge has made its way to the Sepolia testnet. Consequently, it is only one testnet away from making it to the mainnet.

Ethereum supporters expect the network migration to solve scalability concerns that have plagued the DeFi king.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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