On Wednesday, there was an anticipated 110,000 ETH ($181 million) outflow of Ethereum from exchanges.
According to data analytics company Santiment, this remarkable shift was the highest outflow since August 21.
At 115.88M ETH, the non-exchange Ethereum market cap is at an all-time high. At the same time, the quantity of Ethereum that is now traded has reached its lowest level in almost 5.5 years.
No demand for ETH trading?
According to U.Today, several Ethereum ETFs made their debuts with incredibly modest volumes, which made industry insiders laugh.
Senior analysts at K33 recently threw cold water on demand for the leading cryptocurrency, claiming that the response to the introduction of Ethereum futures ETFs had been less than anticipated. Due to the ETFs’ underwhelming debut, traders at the CME tried to launch the ETFs ahead of schedule, but their attempts were unsuccessful.
Ethereum sees a slight price dip
Ethereum’s price is currently $1,635.85 according to data from CoinGecko, having decreased 0.5% over the past 24 hours. This drop equals a 1.1% drop in value when compared to BTC.
With a market capitalization of over $196.7 billion, Ethereum’s 24-hour trading range was between $1,631.65 and $1,654.45. Around $7.3 billion worth of bitcoin was traded per day.
