{"id":524319,"date":"2023-03-23T20:30:40","date_gmt":"2023-03-23T20:30:40","guid":{"rendered":"https:\/\/wncen.com\/?p=524319"},"modified":"2023-03-23T19:36:46","modified_gmt":"2023-03-23T19:36:46","slug":"ethereum-bullish-signal-558m-eth-exits-exchanges","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-bullish-signal-558m-eth-exits-exchanges\/","title":{"rendered":"Ethereum Bullish Signal: $560M In ETH Exits Exchanges"},"content":{"rendered":"

On-chain data shows a large amount of Ethereum has left exchange wallets within the past two days, a sign that could be bullish for the price.<\/p>\n

Ethereum Supply On Exchanges Has Plunged In The Last 48 Hours<\/h2>\n

As an analyst on Twitter<\/a> pointed out, about 310,000 ETH has exited exchanges in the past 48 hours. The relevant indicator is the “ETH supply on exchanges<\/a>” metric from the on-chain analytics firm Santiment. As its name already hints, it measures the current total amount of the Ethereum supply stored in the wallets of all centralized exchanges.<\/p>\n

When the value of this metric goes up, it means ETH is being transferred into the wallets of these platforms right now. As one of the main reasons investors may deposit to exchanges is for selling-related purposes, such a trend may cause a bearish effect on the asset’s price.<\/p>\n

On the other hand, when the indicator’s value declines, it suggests the holders are withdrawing their coins from the exchanges currently. Usually, investors transfer out of these platforms when they want to hold onto their coins for extended periods in self-custodial wallets. Thus, the supply on exchanges going down can have a bullish effect on the price in the long term.<\/p>\n

Related Reading: Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price<\/a><\/div>\n

Now, here is a chart that shows the trend in the Ethereum supply on exchanges over the past month:<\/p>\n

\"Ethereum<\/p>\n

The value of the metric seems to have taken a sharp plunge in recent days | Source: Ali on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Ethereum supply on exchanges had plummeted<\/a> earlier in the month when the asset price had dipped below the $1,400 level.<\/p>\n
Interestingly, with these outflows from the exchanges, the price stopped its decline and created a local bottom, and not too long after, it also caught on some rapid upwards momentum.<\/p>\n
This may suggest that investors saw the low prices as an ideal buying opportunity and accumulated large amounts there, thus helping the price bottom out and resume its uptrend.<\/p>\n
Related Reading: Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap<\/a><\/div>\n
In the days following the restart of the rally, the Ethereum supply on exchanges observed a slight uplift, suggesting that some deposits were being made. This wasn’t an unexpected trend, as sharp price surges usually see at least some amount of profit taken from the investors.<\/p>\n
In the last few days, ETH has maintained relatively high levels of $1,700 and $1,800, but during the past 48 hours, the supply on exchanges has strangely plunged.<\/p>\n
In this sharp drawdown of the metric, about 310,000 ETH ($560 million) was removed from the exchanges. Suppose these withdrawals are a sign that accumulation was occurring in the market. In that case, the price could feel a constructive effect in the long term as it shows investors still see Ethereum as a worthwhile investment and believe there is more to come in the rally.<\/p>\n
ETH Price<\/h2>\n
At the time of writing, Ethereum is trading around $1,800, up 10% in the last week.<\/p>\n
\"Ethereum<\/p>\n
Looks like the ETH price has moved sideways in the last few days | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a large amount of Ethereum has left exchange wallets within the past two days, a sign that could be bullish for the price. Ethereum Supply On Exchanges Has Plunged In The Last 48 Hours As an analyst on Twitter pointed out, about 310,000 ETH has exited exchanges in the past 48 hours. The relevant indicator is the “ETH supply on exchanges” metric from the on-chain analytics firm Santiment. As its name already hints, it measures the current total amount of the Ethereum supply stored in the wallets of all centralized exchanges. When the value of this metric goes up, it means ETH is being transferred into the wallets of these platforms right now. As one of the main reasons investors may deposit to exchanges is for selling-related purposes, such a trend may cause a bearish effect on the asset’s price. On the other hand, when the indicator’s value declines, it suggests the holders are withdrawing their coins from the exchanges currently. Usually, investors transfer out of these platforms when they want to hold onto their coins for extended periods in self-custodial wallets. Thus, the supply on exchanges going down can have a bullish effect on the price in the long term. Related Reading: Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price Now, here is a chart that shows the trend in the Ethereum supply on exchanges over the past month: The value of the metric seems to have taken a sharp plunge in recent days | Source: Ali on Twitter As displayed in the above graph, the Ethereum supply on exchanges had plummeted earlier in the month when the asset price had dipped below the $1,400 level. Interestingly, with these outflows from the exchanges, the price stopped its decline and created a local bottom, and not too long after, it also caught on some rapid upwards momentum. This may suggest that investors saw the low prices as an ideal buying opportunity and accumulated large amounts there, thus helping the price bottom out and resume its uptrend. Related Reading: Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap In the days following the restart of the rally, the Ethereum supply on exchanges observed a slight uplift, suggesting that some deposits were being made. This wasn’t an unexpected trend, as sharp price surges usually see at least some amount of profit taken from the investors. In the last few days, ETH has maintained relatively high levels of $1,700 and $1,800, but during the past 48 hours, the supply on exchanges has strangely plunged. In this sharp drawdown of the metric, about 310,000 ETH ($560 million) was removed from the exchanges. Suppose these withdrawals are a sign that accumulation was occurring in the market. In that case, the price could feel a constructive effect in the long term as it shows investors still see Ethereum as a worthwhile investment and believe there is more to come in the rally. ETH Price At the time of writing, Ethereum is trading around $1,800, up 10% in the last week. Looks like the ETH price has moved sideways in the last few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":524345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,85754,84295,87836,8686],"class_list":["post-524319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-bullish-signal","tag-ethereum-exchange-outflows","tag-ethereum-supply-on-exchanges","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Bullish Signal: $560M In ETH Exits Exchanges<\/title>\n<meta name=\"description\" content=\"On-chain data shows a large amount of Ethereum has left exchanges within the past two days, a 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Bullish Signal: $560M In ETH Exits Exchanges","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-bullish-signal-558m-eth-exits-exchanges\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-bullish-signal-558m-eth-exits-exchanges\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-vu13QDlTQyU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-vu13QDlTQyU-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum bullish signal","ethereum exchange outflows","ethereum supply on exchanges","ethusd"],"dateCreated":"2023-03-23T20:30:40Z","datePublished":"2023-03-23T20:30:40Z","dateModified":"2023-03-23T20:30:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Bullish Signal: $560M In ETH Exits Exchanges\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-bullish-signal-558m-eth-exits-exchanges\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-bullish-signal-558m-eth-exits-exchanges\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-vu13QDlTQyU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-vu13QDlTQyU-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum bullish signal\",\"ethereum exchange outflows\",\"ethereum supply on exchanges\",\"ethusd\"],\"dateCreated\":\"2023-03-23T20:30:40Z\",\"datePublished\":\"2023-03-23T20:30:40Z\",\"dateModified\":\"2023-03-23T20:30:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-vu13QDlTQyU-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524319"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524345"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}