4-year low ETH balance on exchanges accompanied by 13-month-high weekly outflow
The rise in the price of the main altcoin by 40% in the last seven days has definitely surprised the entire crypto community, which absolutely did not expect such a profitable turn of events. Of course, many investors had the opportunity to acquire ETH positions and did so at a rapid pace, as the statistics show, but it seems that the rapid growth made such an impression on them that they did not only not fixing profits, but withdrawing Ethereum from exchanges at a record rate. To understand the situation in more detail, let’s look at the data from glass knot.
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 A total of 29,823 ETH were withdrawn during the week, according to Glassnode.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 prominent indicator of Ethereum’s overall balance on exchanges, which also updated the four-year low. Currently, the amount of coins on the exchange is 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.
