Glassnode reported that Ethereum (ETH) was withdrawn from exchanges at record rates as crypto markets rallied this week. What does this data mean for the leading altcoin price? Details are here.
With the recent price fluctuations in the cryptocurrency markets, significant data emerges when examining how different investors interact with their assets. This week, the crypto analytics firm reported that the exchanges had a net outflow of 65,319,938 Ethereum, an all-time high. states (based on daily average).
The previous all-time high for this metric was 58,072,356 ETH, set in May 2016. ETH is trading at $1,634 at the time of writing. By market cap, the leading altcoin has gained nearly 9% in the last 24 hours and more than 34% in the last seven days.
Net outflows indicate that market participants are withdrawing ETH from centralized exchanges and traders are holding on to their ETH in hopes of a continued rally. This expectation was bolstered by Ethereum developers, who set a tentative date for The Merge, the network’s long-awaited transition to proof-of-stake.
Glassnode also noted that the seven-day average for Ethereum’s output volume has reached a 13-month high of 29,822,996 ETH. announced.
Additionally, the amount of Ethereum held on exchanges reached a 4-year low of 19,101,804,604 ETH, according to the analytics firm.
Alongside these, ETH activity is increasing: Glassnode reports that the seven-day average of ETH’s transaction count recently reached 48,609,702, a 1-month high. reported.
Glassnode also noted that the number of addresses holding any amount of Ethereum hit an all-time high of 84,264,124 on Thursday. reported. Similarly, the number of addresses holding 1+ ETH reached an all-time high of 1,559,794.
Despite the rise in price, ETH is about 66% behind the all-time high it set last November.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.