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Highest Ethereum exchange exit! Yesterday, Santiment, a blockchain analysis platform, reported in its latest Twitter post that crypto investors withdrew a total of 110 thousand ETH, amounting to 181 million dollars, from crypto exchanges. This withdrawal represents the highest daily ETH withdrawal since August. The highest exchange exit of Ethereum since August 2022 happened this month.
😮 #Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij
— Santiment (@santimentfeed) October 5, 2023
Recently, there has been a noticeable increase in the amount of ETH withdrawn from exchanges. According to Santiment’s data, the amount of ETH held in wallets outside of exchanges has also reached a record 115.88 million. Based on this data, it appears that the amount of ETH currently on exchanges has fallen to its lowest level in the last five years.
Withdrawal of crypto assets from exchanges usually occurs during periods when there is an expectation of a price increase in the relevant asset. Rarely do individuals withdraw assets when they experience a decrease in trust in exchanges. However, in the current situation, the absence of a risk towards crypto exchanges indicates that the first option is more likely. Observers haven’t noted a significant Ethereum price movement yet.
Following the rise last week, ETH climbed to $1,700 levels, and this week it continues to pressure selling. In the last 24 hours, we noticed a slowdown in sales, and they dropped below $1,640.
The most recent development in the Ethereum market was the introduction of several Ethereum ETF products. Contrary to expectations, market observers noted that Ethereum-based futures ETF products have generated low trading volumes thus far.
Meanwhile, demand for other investment products based on Ethereum has been on a downward trend since the beginning of the year. According to CoinShares data, the demand for Solana-based investment products among major altcoins, although low, continues to increase.
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